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1st & 2nd with AHMSI chapter 13 question

Discussion in 'Option One Mortgage - American Home Mortgage Servi' started by jimbo9774, Mar 23, 2011.

  1. jimbo9774

    jimbo9774 LoanSafe Member

    Hello,

    I'm new here & was wondering if anyone knows if AHMSI will cancel my HAMP loan modification that went through final approval back in Oct. 2010 if I file Chapter 13 to help eliminate credit card debt & to strip 2nd mortgage with AHMSi due to property being well below balance that is owed on 1st with AHMSI. Does anyone have any experience with this? I don't think they could cancel my loam mod as long as I stay current on 1st? Any help greatly apprerciated!!!!!
  2. cmefly

    cmefly LoanSafe Member

    Hi -
    No bankruptcy Judge would allow a mortgage company to foreclose if the borrower is current. In a Chapter 13 Judges have the power to cram down the 2nd mortgage. When you begin your plan payments, you would still continue to make your 1st mortgage payment outside the plan. Any arrears on the 1st would be incorporated in the plan. Since you are current that will not happen. You filing a Chapter 13 has no effect on the HAMP you did prior to. Good Luck.

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