Attorney's Letter for my 2nd Mortgage

[STRIPER1970]

Hope everyone is doing Ok.

Here's my issue.I'm in NY and currently haven't paid my 1st(wilshire) on 6 months. After working on a loan mod with Wilshire and Naca for 7 months is almost a done deal...Got the rate info , prin, taxes etc from Wilshire but it needs to be approved by Naca. My issue is my 2nd Loan(Teacher's Federal credit union) for 46,000 at 11.75% and paying 633 a mont. I received a letter from their attorney estating

" Relief Sought" Order appointing Referee to ascertain the amount due plaintiff and to determine wether the mortgaged premises can be sold in parcels; that the caption be amended to substitute John Doe , as a party defendant in place of " John Doe"; That the caption of this action be amended to reflect said substitution and for such other and further relief as the Court may deem just and proper. It also says I don't need to attend the hearing..

I'm already saw a BK13 attorney before I received this letter and I can definetly removed the 2nd loan by doing a chapter 13 cramdown which cost around 6500.

Got my house appraided by Century21 for 229-239000. My first loan is 300,000 and my second currently 46,000 so I'm basically 100000+ underwater.

Please advice... Not sure if the second can foreclosure or take my wage....

Thanks

[Moe Bedard]

Doing good thanks and hope the same for you as well.

My thoughts are that is this attooney can do the cram down, then it is well worth it. I would talk to a couple more though. The $6500 seems pretty steep. Maybe you can find someone just as good but cheaper.