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That would be an issue, as they are not going to finalize your modification unless you sign the final documents. Why are you trying to avoid it?
since my mortgage ( Primary + Secondary mortgage amount ) is underwater , with the current personal condition, I am not sure I am in a position to carry on as economic conditions in general are not stable
they are planning to foreclose.
Not talking to Country wide ( B of A) second mortgage of 250K at this time
Then this is really a decision that you need to consider and make now prior to signing the documents on the modification. If you sign them you will be committed to the loan again. You really need to make sure that after the terms of the modification are changed that you have gotten a good deal, if you are to upside down it is time now to move on and let the home go.
Does it pay me to drag on - if so how
My wife who is also the co-owner of the mortgage has not filed for bankcruptcy yet. just I did
Only if you are trying to stay longer without paying the mortgage but it sounds like you might have already dragged it on as long as you can.
If she needs to file then she could file and that might slow it down a few more months.
if she does, they will charge her for the deficiency amount
if she does not - i should say
Will this go through the court.. In NJ, what is teh current waiting period before a judge would hear this case
I do not know how long it would take in NJ, but yes if she does not file she could be held liable for the deficiency in your state.
Who will go through in dealing with the second mortgage holder - agreement to sell by the ùprimary ùmortgage holder who is not going to loose money as the value of teh house covers their mortgage amount 100%
Does Short sale option buy me anything
A short sale could buy you a little more time, and it could avoid your wife having to file bankruptcy, as both mortgages would have to agree to the terms of the sale and that usually is an agreement that they will no proceed against you for the deficiency.
If she files for bankruptcy ( she may have to as she has outstanding loans), then the question of deficiency by second mortgage would not come - no IRS payment
Does this make sense to wait for the NJ judge to make the decision - I heard there is a 2 year waiting period now- not sure - what would be the impact on me
One view == The situation is bad anyway . may be it will allow me to save 5000+ amount every month. or should i need to think of other issues - may be at the end i may end up in making more money
and avoid the foreclosure at the last minute before judge decides
If that is the case then it makes sense to wait, the longer you can stay the more savings that you have, just remember though she is only allowed to have a certain amount of assets when she files for bankruptcy.
Thanks for the information that you provided.
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