Well our third mortgage company served us with papers today. Need to show up in court on July 16th otherwise they get a default judgement. I'm going to try and call the company tomorrow to ask them if they will settle instead of me filing chapter 13 and wiping their lien out. Hopefully once I explain to them that I've already consulted an attorney and they will get nothing if I file maybe they will drop this suit and settle.
What state are you in, Woogy? Has your home foreclosed? Just curious about more details of your situation. BBB
I'm in Illinois. No my home has not foreclosed. I just rec'd a modification on my 1st mortgage and the trial payments start 7/1. I have a 2nd and 3rd mortgage that I haven't paid since October 2011. I haven't heard much from the 2nd but the 3rd was agressive at first. I tried to settle with them in January 2012 but they wouldn't even consider it. When I got the letter from their attorney in April 2012, I consulted a bankruptcy attorney. If I file a Chapter 13, I can strip the 2nd and 3rd liens since my house is underwater just with the 1st mortgage. I really didn't want to have to file because I would be stuck for 3 yrs but if that is what it takes I will do it. I did reach out to the CFO of my 3rd mortgage this morning to ask them to settle the account and he is going to take a look at it and call me tomorrow. I hope they will settle because if I file BK, they will get nothing. I only make enough to pay the trustee, attorney and my 1st mortgage, the rest of my creditors gets zero.Originally Posted by BustedBrokeBeaten
I'm curious how this turns out. Please update if you get chance.
Do you mind sharing which Bank this is?
woogy - I'm about to start this process as well. any advice is appreciated. keep us posted. I'm in illinois - lake county
Hi Woogy,
I would roll the dice on this matter and file a motion to dismiss the complaint with the court.
Answer the complaint and ask the court to dismiss for lack of Standing, lack of signed contract etc,
Whatever you decide make sure you answer the complaint, BK should always be a last option.
Good luck.
Best regards,
Nj-20 Months
Acesfull/HWP
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