Old 09-27-2009, 02:53 PM   #1 (permalink)
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Attorney's Letter for my 2nd Mortgage

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


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Old 09-27-2009, 03:10 PM   #2 (permalink)
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Re: Attorney's Letter for my 2nd Mortgage

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.
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