Hi Everyone, In deep trouble here and need advise.
I have a BofA 1st and 2nd mortgage in CA. The 2nd is now being serviced by Green Tree LLC, but is still owned by BofA. I am now current on both, but not for long. The 1st is seriously underwater and I have been denied for a loan modification from both BofA and FannieMae. I did not pay the 2nd mortgage for 2 months and was threatened with acceleration of loan and foreclosure even though the 1st was current. I payed up due to fear and to look into options. I have refinanced in the past, so I believe I have a recourse loan. Any advise?
Here is what I am questioning...should I just stop paying 2nd? Or will they just foreclose even though current on first.
Should I stop paying 1st and 2nd? Save the money to move.
Should I go straight for bankruptcy 7 or 13? I may not qualify of Ch 7. I would like to keep house, but just can't afford both mortgages.