2 Responses to Financial Crisis Talk Center – You Need a Goal (The Mike & Rita Story)
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- [...] more here: John Conyer's Affirms Support for...March 25, 2:28 pm by John Conyer's Affirms Support for Principal Reduction on Mortgages … | Mortgage
Dave - many thanks and Happy Holidays to you and yours,...December 9, 4:32 am by Ken Gross
Touching commentary...makes me want to go see it. Mitch...December 9, 4:32 am by Dave Smith
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I met with one of your attorneys regarding my financial situation back in May or June. One question I didn’t know to ask is, is it possible to force your primary to give you a loan modification if you file a Ch. 13? Also, I have a 2nd mortgage/HELOC. Can I put that in the 13 and still keep my house?
Anthony – it is not possible to force the primary to give you a loan modification – but it is something that can be pursued in the Chapter 13 and we’ve had success doing it. As to your second – if the Fair Market Value of the home (keep in mind prices are very depressed) is less than the first mortgage, we can lien strip the second mortgage – which means the lien is removed from the home and the debt becomes a unsecured claim and is treated the same way a credit card is treated. This is a great outcome and one of Chapter 13′s best features. If, however the value of the home exceeds the first mortgage, then you can still keep your house in a Chapter 13, but you will have to continue to pay on the 2nd mortgage. Hope this helps.