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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15694
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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First mortgage of $275k with Central Mortgage is currently

Customer Question

First mortgage of $275k with Central Mortgage is currently being paid.2nd(HELOC) with Wells Fargo I have not paid for about 3 years.I have had lots of comunication with wells fargo and their lawyers including an unsuccessful "mediation"
Their Lawyers in Ft Lauderdale (Naderpour and assoc) seem only to want to get a judgement against me for the total amount of the loan($130k)
I the wells Fargo person who said that they were the person in charge of my case and when I told them that a relative has offered me $35k to settle my debt they would put that forward to the powers that be.I heard nothing for 5 more weeks and then called and spoke to the same WF rep.
They said that this was still scheduled for "summary judgement" and
that was 3 weeks ago and still no communication from WF or their lawyers?
I feel helpless to do anything except wait.My home in which I live is currently valued on Zillo.com at $280k.Any idears or suggestions would be appreciated.
Johnny K
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 1 year ago.

WALLSTREETESQ :

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

WALLSTREETESQ :

This is a common situation,

WALLSTREETESQ :

be aware since this is a second mortgage, a foreclosure would not be an issue in most cases,

WALLSTREETESQ :

you can consider a chapter 13 bankruptcy and lien strip the entire second loan,

WALLSTREETESQ :

a lien strip is when you discharge the second lien,

WALLSTREETESQ :

but the second has to be 100%

WALLSTREETESQ :

underwater or unsecured, so consider obtaining a new appraisal from a real broker if the value of the home is less than the 1st mortgage, a lien strip chapter 13 will work

WALLSTREETESQ :

Also, contact the lender again and threaten them with a bankruptcy,

WALLSTREETESQ :

they may try to settle with you,

Customer:

Thanks for your answer but these are suggestions which I have already had.My concern with bankruptcy is how intrusive it might be,Although I currently have no assets, I 'm concerned that some years down the road my finances may improve and my creditors will return.

WALLSTREETESQ :

If a bankruptcy is not an option,

WALLSTREETESQ :

you can wait for the second to actually take legal action,.

WALLSTREETESQ :

many times if they try to litigate, in court you can ask for a settlement and offer,

WALLSTREETESQ :

of the $35,000

Customer:

Yes.This is what they are threatening in the form of a summary judgement

WALLSTREETESQ :

You may also want to go directly to the civil court, or call the court clerks office,

WALLSTREETESQ :

to see the status

WALLSTREETESQ :

of the lawsuit

WALLSTREETESQ :

did you get a copy of the summary judgment?

Customer:

Hmm.I may do this as I really feel in the dark

Customer:

I did originally but nothing since then

WALLSTREETESQ :

Also, consider threatening bankruptcy

Customer:

I did this but there attorny is playng hardball with the bank's money

WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15694
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you

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