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  1. #1
    Join Date
    Apr 2011
    Posts
    1

    Default Second Mortgage Settlement After Chapter 7 Discharge

    My question involves a foreclosure in the State of: Florida
    My question involves bankruptcy in the state of: Florida
    Hi Everyone...
    Chapter 7 Discharge on January 2011.
    1st and 2nd Mortgage (Primary Residence) not reaffirmed. Banks never send any Paper to sign. 1st Mortgage underwater for $ 33,000 Show open on credit report never miss a payment. 2nd Totally underwater and unsecured show Closed on credit report, never miss a payment; Both Mortgage current until today. 1st Mortgage current and 2nd I will miss the first payment this month, and try to make a settlement around August for 5%. I do not want lose the house. What do you think about this movement to negotiate lien on 2nd mortgage? Do you think 2nd mortgage lender will start a Foreclosure Process in this scenario? Can I try to negotiate by myself or I will need a Settlement/Mitigation agency to do that? What are my options here to keep the house and eliminate the second mortgage. Thanks

    Sorry I forgot:
    Home Value: Zillow, Century 21, Remax.
    Low $ 99.000 - High $ 110,000
    1st Mortgage Balance: $ 138,000
    2nd Mortgage Balance: $ 54,500
    Thanks

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Second Mortgage Settlement After Chapter 7 Discharge

    You are free to make any offer you want to the second mortgage lender. I would expect them to give you a quick "no" to an offer of 5%, but you won't know until you ask.

    How quickly a lender will act on a default depends on a number of factors including the bank's policies, whether they can realistically expect to recover any money through the foreclosure process, and the local housing market.

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