My question involves bankruptcy in the state of: Washington
Quick rundown of the issue:
2012: Successful chapter 7, that involved 1st and 2nd mortgage.
Did not reaffirm either mortgage
1st Mortgage is current (200k)
2nd Mortgage is current (93k)
At the time of the bankruptcy, I made a deal with the 2nd mortgage company. They would receive $200 per month (interest only payment) for 5 years, and then the payment would go up to $650. I made this deal to prevent a possible foreclosure. At the time, there was no equity to support a foreclosure, however once the equity was there - they would have the option to foreclose. Now that the payment is going to triple, I either need to stop making payment and allow a foreclosure, or try to settle with the 2nd mortgage company for a lesser amount than whats owed. Current value is around $347,000 according to Zillow.
Am I liable for the 2nd mortgage because I have been making payments toward it?
I have no credit
I absolutely want to keep the house if possible
I do not want to pay $650 a month for 15 years on the second mortgage.
I do not want to do a chapter 13.
Should I hire a lawyer?
What are my options?
Whats the best way to settle with the 2nd?
I spent 2 hours today calling lawyers, and got no where. Everyone says they don't deal worth that stuff, or they refer me to someone else.
How do I find a layer that will help negotiate, or that can at least explain the laws and options to me?
Perhaps I should have never made a deal with the 2nd mortgage company. Maybe they would have just written it off. Too late to look back, I can only look forward. Please give advise on where to start.
Thanks for reading this. Any advise or help would be greatly appreciated.
Quick rundown of the issue:
2012: Successful chapter 7, that involved 1st and 2nd mortgage.
Did not reaffirm either mortgage
1st Mortgage is current (200k)
2nd Mortgage is current (93k)
At the time of the bankruptcy, I made a deal with the 2nd mortgage company. They would receive $200 per month (interest only payment) for 5 years, and then the payment would go up to $650. I made this deal to prevent a possible foreclosure. At the time, there was no equity to support a foreclosure, however once the equity was there - they would have the option to foreclose. Now that the payment is going to triple, I either need to stop making payment and allow a foreclosure, or try to settle with the 2nd mortgage company for a lesser amount than whats owed. Current value is around $347,000 according to Zillow.
Am I liable for the 2nd mortgage because I have been making payments toward it?
I have no credit
I absolutely want to keep the house if possible
I do not want to pay $650 a month for 15 years on the second mortgage.
I do not want to do a chapter 13.
Should I hire a lawyer?
What are my options?
Whats the best way to settle with the 2nd?
I spent 2 hours today calling lawyers, and got no where. Everyone says they don't deal worth that stuff, or they refer me to someone else.
How do I find a layer that will help negotiate, or that can at least explain the laws and options to me?
Perhaps I should have never made a deal with the 2nd mortgage company. Maybe they would have just written it off. Too late to look back, I can only look forward. Please give advise on where to start.
Thanks for reading this. Any advise or help would be greatly appreciated.
Post-Discharge Issues Second Mortgage Issue, After a Chapter 7
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