Easy Home Equity Loan » bankruptcy

how long can the mortgage company come after me for the judgment against me after my home foreclosed?

admin — Fri, 26 Aug 2011 06:38:52 +0000

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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If a 2nd mortgage was included in a bankruptcy and discharged. Do they still have a claim to the property?

admin — Fri, 19 Aug 2011 06:37:24 +0000

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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With the value of my home dropping I hope to settle my second mortgage. Has anyone done this? ?

admin — Wed, 17 Aug 2011 06:37:53 +0000

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.?

admin — Sat, 13 Aug 2011 06:37:14 +0000

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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What is the difference between refinancing a home loan and a second mortgage?

admin — Tue, 02 Aug 2011 09:22:08 +0000

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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I filed chapter 7 last year…does that mean my second mortgage is erased?

admin — Sun, 31 Jul 2011 09:04:48 +0000

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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Why doesn't my second mortgage show up on my credit report?

admin — Thu, 28 Jul 2011 13:48:52 +0000

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 do i still owe on my second?

admin — Sat, 09 Jul 2011 13:51:28 +0000

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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anyone had problems with irwin home equity and refinancing loans they hold?

admin — Thu, 19 May 2011 02:46:59 +0000

I have a 2nd mortgage with irwin. 3 years ago i declared bankruptcy for medical reasons but did not reaffirm this mortgage. I did not know that i needed to and Irwin was not present at the hearing. they have tried to foreclose which I stopped and now they won’t let me pay off with a refinance but won’t disclose why. Anyone else have similar problems?

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what is the differance between a line of credit on your home and a home equity loan?

admin — Sun, 15 May 2011 02:39:30 +0000

I have filed bankruptcy 1/ half years ago and I own the house with my 80 year old mother and we need work done on the house.
She was told this is the best way. Or I should say the only way. This is for 30 years at 7.99%. Low payments of 6 a month but we were wondering if she got sick or I did if the payments were behind would they forclose. What does it mean when they say they would probably take a lein on the house. Isn’t a lein and a line of credit the same?