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And as onehugemess said, be glad you are not accruing any interest and fees. Then how much equity would you have after paying off the balance of the 1st? Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a fast personal loan loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. My husband at the time worked in mortgage so funds tanked as well. We hired a mortgage specialists to help us out and his advise was to stop paying on the direct lender bad credit loans second and pay on the first.
We did that and at about 6 months we refinanced the first and caught back up. In the meantime the second mortgage with Countrywide went bankrupt, saw nothing on our credit and went on paying the first as we were underwater anyway.
I hired a lawyer right away, and we waited for them to make a deal. I can currently refinance because of course there is now equity-in the house. They want copies of my current mortgage statement with the principle balance?
What did you think happened to the second mortgage after 2008? By not including it in your original bankruptcy case, you are still responsible for the debt plus the lien remains on the property.
Including it in bankruptcy would of released you from the debt, with only the lien remaining. I filed Chapter 7 in 2011, not paying the 2nd, current on the 1st and the lien has been transferred to a debt collector. I am not responsible for the debt, but the lien remains. Second lien holders can foreclose, but unlikely since they have to also pay off the michigan payday loans first to begin foreclosure procedures. Legally, they are trying to release a lien, not collecting a debt. Check with your county register of deeds and see who actually holds small personal loans no credit check the lien. The fact that they went bankrupt 1 hour loans direct lender or charged off your loan means nothing to you. Charged off just means payday loans instant cash it was considered uncollectable to them. They still had the legal right to sell or transfer that debt. Keep current on your 1st mortgage if you want to stay in the house. Do not send the lien holder any of your financial information.
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Sorry it was New Century Mortgage and yes shame on me for thinking it disappeared. When I cash advance sacramento remodified first loan Into a HAMP loan they said the second would be forgiven. Lawyer handling all this and already had me file loss misigation paperwork and fast personal loan give them a copy of current loan status and principle balance in which I argued with her about. I am primed and ready at the drop of a hat to refinance once they make an offer and I am ready to accept at least the full original amount.. Just want this over with so the home is free and clear and in my name. And yes part of me is thinking, damn you guys better move fast or nothing is going to happen for sometime with COVID 19 and a recession. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. I pasted here what seems to be the most important half part of the settlement. But there isnt much here to review in these two pages.
Also which bank was originally servicing his account before it was charged off? The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem.
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You seem to be in the perfect position to settle and you may be able to negotiate a lower amount. As long as your 1st mortgage is current there is no rush to settle this account, however, since they have your financials they know exactly how much you can afford to pay for the settlement. The letter you were sent seems suffice from the information you posted. Once settling your 2nd, will your 1st mortgage be affordable or are you working to modify that mortgage as well? The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact top loans cash loans usa your attorney to obtain advice with respect to any particular issue or problem.
Yes, im still under water on my first, but im hoping that with at least my 2nd gone things will get better in the future??? Is there any examples of how a settlement agreement should look like? I see 5000 personal loan that you mention that the letter they sent me is suffice, meaning that its sufficient and a good and legit letter to go ahead and pay them? Again, i cant stress the fact that i would hate to get surprised if they came trying to collect in the future. I do know that the forgiveness act was extended another year.
And i hope that i fall in that category of not recieving a 1099?
I just have a quick question and would really appreciate some feed back, I am about to settle my second loan. My concern is the settlement letter they send me, i gave some info before on how the language of the letter looks like.