Easy Home Equity Loan

My home foreclosed and there is a judgment against me. How long can they attempt to come after me for that money? Do I have to declare bankruptcy? What does the mortgage company gain by forcing me into bankruptcy? Is there any advantage to going into bankruptcy? I never took out a second mortgage, how often do mortgage companies come after foreclosures for the remaining balance judgment against them?

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We filed bankruptcy a year ago. We left out the first mortgage but included the second mortgage (home equity line of credit). It has been discharged, no one contested it and we haven’t received a statement or any other communication from them since. We want to sell the house now to our daughter. Does that 2nd mortgage company still have a claim to the property?

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I am in a situation in Michigan (house values are dropping at the rate of gravity!) where my income has dropped severely this year and I am trying to avoid foreclosure/bankruptcy. I have read that it is possible to settle with a second mortgage rather than foreclose but need some ideas on how to go about it. Any suggestions would be great!

I owe about 40k on the loan, would like to settle for 10k. Just pure guess have no idea if they would except the difference.

Thanks for the info, help!

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Hi I am from Southern California and my father has been having debt problems, mostly with his second mortgage. He recently told me that he found a lawyer on a radio station that has promised to get rid of all his debts. All the lawyer asks for is 00 now and another 00 later (this plus a number of different fees such as home evaluation fee over 0 plus 0 per visit and court appearance). To be honest this guy seems a bit shady to me, he says he is just starting and that his office is empty-looking because he just moved to this building. He has promised my father that in three years he will be debt free and that even though my father owes ,000 in credit cards plus the mortgage, that he will not pay more than 0 a month and thus he will have a lot of money left over to spend as he pleases. He has also told him to immediatelly stop paying everything, regardless of my father’s situation. The guy defined bankruptcy as practically total debt forgiveness and just a simple way to “start fresh.” I am not sure bankruptcy is the way to go for my father; he can afford his credit card debts and his first mortgage and is only really having troubles with the second mortgage of about ,000. This lawyer said “If what I promise you sounds too good to be true it’s only because you people are ill-informed.” He has promised debt forgiveness and more cash… I have a gut feeling that this guy is not well intentioned…

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We are thinking about either a cash-out-refinancing of our home loan or applying for a second mortgage but don’t really know the difference between the two options. We are going to use the money for bills we are upside down on. We aren’t so far under that we need to file bankruptcy but we are pretty far behind on all of our bills and want to catch up before its to late. We need info about how the two are different and the pros and cons of the options. Please no spam about your mortgage company. We just need the facts. Thank you

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As in I do not have to pay for it anymore forever? I am keeping the house and up to date paying my first mortgage loan. I do not get bills from my second loan anymore…We recently got our first loan modified…2.5% fixed for 30 years. So we are keeping our house. I just wanna know what is the consequence of our bankruptcy, with us not paying the second loan anymore when we decide to sell the house in the future (maybe 10-20 years from now). Thank you for you time!

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I filed bankruptcy five years back. Is this why? And if so what it the deal?

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if my first mortgage forecloses what happens to my second mortgage
I live in Southern California and my first mortgage foreclosed and now my second is saying that i could settle with them on that loan. what?
I told them I was out of work but that I had been under the impression that they had to settle with the first for the loan, they did not give me a amount because im out of work, but it took me by surprise.
so my option is to file bankruptcy? to avoid being charge for this loan. That was not my plan. If someone knows the answer please let me know or a better way out of this situation….

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