Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > California > Los Angeles
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 04-17-2015, 05:41 PM
 
7 posts, read 14,256 times
Reputation: 10

Advertisements

I have a first & second mortgage & the house is underwater. Its almost back up to the amount of the first mortgage. Almost.. It was bought in 2005. Due to financial circumstances I & my co-borrower have not paid on the second in approx. 5-6 years. The first is current but only paying the interest as in the terms of the loan till 2016. The loans have been passed around from lender to lender. My 2nd ended up in the hands of Chase. They have just released my lien & has been recorded, which should be good news. However that did not relieve my obligation to pay the note. I had to file for Chapter 7 in 2012 & my co - borrower 7 yrs ago. However that still does not wipe out my debt as at that time it was a secured loan. The note is for 125,000.00. My worry is that now its an unsecured loan, Chase can sue for a judgment for payment. And if we can't make the payment and Chase is awarded the judgment wages will be garnished.
I know Option 1. would be file a chapter 13 & make payments with money we don't have. Option 2 - hope they wait a year & my co borrower can file a chapter 7 again. Option 3 - unknown......
Banks just don't release liens so that's why I worry. I feel they must be up to something!
If anyone can shed some light on this or have had this happen I'd appreciate the feedback.
Reply With Quote Quick reply to this message

 
Old 04-18-2015, 05:16 PM
 
Location: Southern California
1,166 posts, read 1,637,299 times
Reputation: 2904
You might get more responses if you post your question in the Real Estate/Mortgages Forum.
Reply With Quote Quick reply to this message
 
Old 04-18-2015, 06:38 PM
 
7 posts, read 14,256 times
Reputation: 10
Thank You will do ! Very new at this
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2022 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > California > Los Angeles
Similar Threads

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top