Is it unlikely that a second mortgagee will foreclose?

[sharon]

Hi
My name is Sharon , I live in MA, and I am new to this site. I was reading a post that has me thinking....
I am currently behind on both my first and second mortgages. If I pay current with the first, but let the second slide, are you saying that most likely they will charge it off after 4 months and then I can file bankruptcy because of the balance and still keep, live in and own my home??
If the first takes me to foreclosure I think Ma does not allow a deficiency judgement. Does this mean that since I owe $78000 on my first, and $67000 on my second, and the value has dropped to less than $100000a foreclosure will allow me to leave all the debt behind?
Any advice on these issues is appreciated. Thanks

Welcome to the forum and thank you for joining.....

We are unable to provide legal advice on the site and the questions that you are asking are legally technical and if anything you should retain an attorney for at least 2 hours to advise you on the situation that you have. The seconds do not appear to be foreclosing, however they are using considerable skills at civil remedies and have managed to find ways to obtain judgments and then sell the amounts owing for pennies on the dollar to collection firms, and you know the story on that one, they hound and pursue their "god" given right to collect right up to 9:00 PM with the phone calls.

So...if it was me, I would definitely see an attorney and determine my risk and exposure in this situation.

[sharon]

Thanks. Do I look for a bankruptcy attorney? Or what type?

Since Bankruptcy is as damaging to your credit as foreclosure I would be reluctant to take Bankruptcy unless you are really in a bad spot. I would be more prone to find a good Attorney with Real Estate and Mortgage Law Experience.

I do not know that Bankruptcy would relieve you of a secured debt....I am not an attorney....

It would be really convenient to just loose the second in a BK, but I do not know that it is possible to do that.

[sharon]

Hi--I am trying to find a way out of a second with Bank of America, and they now own Country Wide. The going has been very slow, and I too have now hired an attorney. They also told me that I needed to repay the entire amount and my income also does not allow me to do this. I'll keep you updated with what follows. They are so difficult to work with, I know that the attorneys will be a huge asset for us. I'll keep you posted.
Sharon

Bank of America does not own Country Wide yet...they are not one in the same as of yet...they have made an offer, none of that has gone through and there are separate schools of thought as to whether or not it will go through...mine is that it will not...that is unless the sweet heart deal cut with B of A to buy Country Wide is too good to refuse...which it could be.

You will not find a way "out of" the second they are becoming more aggressive with their collecting...due to the fact that the pool insurers and investors are taking huge losses with the seconds...please look for second lien holders to get more aggressive.

B of A is in our world the lending world referred to as SCUM....so we are not fond of them ourselves....even those of us who have worked on their sweatshop platforms.....they have the most burdensome files and they are wholly out for one thing $$$$ and they will get their $$$$, every which way but loose.

So try to work out with them, modify the payment stream and the product, interest, and other issues, but forgiveness is not in the cards at this time....due to the above issues.

[sharon]

All of this is so enlightening. I find such great info on this site and appreciate all who write and answers they receive.

In regard to recission, what types of issues would invalidate a mortgage loan? I am in a situation where I am the first owner of a condo in MA. It was officially disclosed yesterday that MA condo law was never followed, architectural drawings and certified statements are bogus and that a piece of land said to be part of the association was never deeded to us. In that my loan was granted on the premise that all was right, is this a loop hole I can use to get out of my property? Can the bank force the developer to take back the property because the collateral is misrepresented?

I have been working on a short sale that is going nowhere and now litigation is in the works. I really need help. I want out so badly and anything that may help my cause is appreciated.
Thanks
Sharon