Is it worth paying on Chase 2nd?

[davidg]

I had submitted the reuired paperwork for the second time back in March.
Since then, no word from the rep in the Homeowners Assistance Dept.
Stopped paying on the 1st but have continued paying on the 2nd. People have suggested there is no reason to continue to pay on the 2nd since the 1st hasn't responded. No NOD has been filed to date. The property have negative equity of $200,000. I am getting calls daily from the dept
that has the second. Sometimes I have had up to 7 calls in one day. Is there any way to stop the calls? Should I keep paying on the 2nd?

[Evan Bedard]

Hi davidg,

I am getting calls daily from the dept
that has the second. Sometimes I have had up to 7 calls in one day. Is there any way to stop the calls? Should I keep paying on the 2nd?

Are you working on a modification for your second mortgage as well?

Be aware that your 2nd lien can also foreclose on your property if you become to far behind. But this is very unlikely because your home is 200k underwater and they would not be able to collect anything..

[Believe]

David, I'm confused. If you're still making the payments on your 2nd mortgage, why are they calling you up to 7 times a day? What do they say?

[BadBobMo]

Stopped paying on the 1st but have continued paying on the 2nd.Work the other away around. Work W/1st no need to pay 2nd, you are way under-water.
BK-Stops the calls & you will be able to strip down your second (Ch-13 only), but don't file un-till you know what you are going to do with the 1st mortgage period. Check on line for your states BK-Laws. Look $200,000 under is a lot if it were me, I would fight for big write-down, but that is your call. don't fell along I lost $236,000 so far.

[Evan Bedard]

Also I'd like to add that mkany lenders are actually willing to settle second mortgages for 5-20% of the remaining balance. It will save a lot of time and money if you do this instead of file bk..