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cortrightlaw
cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 510
Experience:  Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
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I had a real estate agent ( friend) want to show my place and

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I had a real estate agent ( friend) want to show my place and they want to buy it ... I'm in the process in dc awaiting a notice of default and then mediation .. so no default notice ... i have a second mortgage .. they've made an offer to cut it by 60% ... is it legal to pay that loan off and then sell the place ... the 2nd mortgage is unsecured ... or should i consider bankrupcy .. i have 200k in equity in my unit ... wiping out the 2nd gives me 260 ... what is the best way to handle the secon
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  cortrightlaw replied 1 year ago.

cortrightlaw : First if it is a second mortgage it is a secured debt. And if you have that much equity it does no sound like you would be a candidate for bankruptcy depending on your other assets. Can you please provide a little clarification to your question.
Customer:

hello

Customer:

second is secured .. but have sent me notice saying pay 54K instead of the 108

cortrightlaw : Can you please clarify your question
Customer:

if i was today pay that 54K... the loan goes away .... and then sell my unit say in 3 weeks .... does the debt holder that i paid 54 to ... have any recourse to try and recapture more when my home sells

cortrightlaw : You can pay that off if you want and can afford it that would be a good deal but if Ou need to or are planning on filing bankruptcy for some reason having that additional equity could be an issue.
Customer:

all my equity is in my home

Customer:

currently unemployed etc

cortrightlaw : Then you do not have the money to accept their offer to pay off the second correct?
Customer:

i mis typed .. about 100k in stock portfolis

Customer:

being unemployed makes chapter 13 tough correct

cortrightlaw : I am still not clear on what you are attempting to do, I understand that you are co spidering paying off the second for a reduced amount and it sounds like you are thinking of using you stock account. But do you have other debt Ou are also concerned with and what about your house do you need to sell it because you cant afford to pay the first mortgage.
Customer:

yes a lot of other debt

Customer:

all unsecured

Customer:

i guess my goal is to maximize the amount i can receive from selling my home

cortrightlaw : Washington DC has good bankruptcy exemptions that will protect the equity in your home so selling it prior to filing bankruptcy will lose this protection. The other issue Ou need to deal with is your stock account as that is an asset that unless in a 401k type of account can't be protected through bankruptcy. So you situation is complex and needs a good financial plan that might include bankruptcy. A bankruptcy attorney will take te time to I over your complete financial situation and help you develope a plan, most bankruptcy attorneys offer a free initial consultation.
Customer:

i could use the stock account to pay off the junior loan ....the rest could be put back into my 401k plan i believe because I've withdrawn that much.. thanks for your help .. i probably should call the mortgage lenders and see if they'd rather work on the price than deal with the dc foreclosure system that could very well keep me in that place for anothrer 18 months

cortrightlaw : Gla I could help a little, please rare my response so I can receive credit.
cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 510
Experience: Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
cortrightlaw and 4 other Bankruptcy Law Specialists are ready to help you

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