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Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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Do i have a better chance of getting a loan mod. on my 2nd

Resolved Question:

Do i have a better chance of getting a loan mod. on my 2nd mort. My 1st mort have given me one already. They seem to be hard to work with, or do i tell them i am going to0 filed for bankrup. Thank you
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 5 years ago.

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarification.


Is their equity in the second, and was the second used to purchase the home?

Customer: replied 5 years ago.

yes there was some, but ltv ratio was 125, the interest on it is 13.5 %. I am having a hard time paying this due to other bills.


thank you


Expert:  WALLSTREETESQ replied 5 years ago.
It may be harder than the first, however if you advise them you will file bankruptcy they will not get paid, also if they try to foreclose they would not get much money back as the first would be paid first.

You may want to consider a chapter 13 bankruptcy which would reduce all your other debts, and allow you to pay your home mortgage and lien. Also, if the 2nd does not have any equity to secure it in a chapterXXXXXwould lien strip the 2nd and convert it to unsecured debt which would be paid at 5-10% of its value.
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