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Bank of America 1st mortgage & Green Tree Servicing of BofA Loan on 2nd

Discussion in 'Bank of America Mortgage Help' started by rdhlaura, Mar 19, 2011.

  1. rdhlaura

    rdhlaura LoanSafe Member

    Hi Everyone, In deep trouble here and need advise.
    I have a BofA 1st and 2nd mortgage in CA. The 2nd is now being serviced by Green Tree LLC, but is still owned by BofA. I am now current on both, but not for long. The 1st is seriously underwater and I have been denied for a loan modification from both BofA and FannieMae. I did not pay the 2nd mortgage for 2 months and was threatened with acceleration of loan and foreclosure even though the 1st was current. I payed up due to fear and to look into options. I have refinanced in the past, so I believe I have a recourse loan. Any advise?
    Here is what I am questioning...should I just stop paying 2nd? Or will they just foreclose even though current on first.
    Should I stop paying 1st and 2nd? Save the money to move.
    Should I go straight for bankruptcy 7 or 13? I may not qualify of Ch 7. I would like to keep house, but just can't afford both mortgages.
  2. TomEason

    TomEason LoanSafe Guide Staff Member

    rdhlaura
    First, here are the answers to your questions. Yes, stop paying Green Tree ASAP and never talk with them again. Although GT isn't the smartest operation around, they won't foreclose because they are so far underwater. If you can afford to make payments on the 1st, then please continue to do so. And, regardless of your previous denials, submit another loan mod application for your 1st. Please forget about BK - save it as a very last resort. Ch13, in particular, is an abominable experience, and shouldn't be a choice by anyone unless there's no other option. If you want more tips on the 2nd, I recommend you visit the Strategy for Settling Your 2nd thread.
  3. rdhlaura

    rdhlaura LoanSafe Member

    Thanks, I will do that. What happens after the 2nd owned by BofA and serviced by Green Tree is accelerated and I owe them full amount due immediately?
  4. TomEason

    TomEason LoanSafe Guide Staff Member

    rdhlaura
    The answer to your question is addressed and explained in my previous post. Please re-read. Thanks.

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