Long story short. I am in an 80/20 for $265K. House now worth $140K. BOA on first at $1850 mo, Wells Fargo on second at $560 month. Girlfriend and I bought house together 4 years ago, we have since parted ways. I could no longer afford the $2400 a month alone, so I stopped paying 1st 9 months ago, stopped paying 2nd, 7 months ago. Received a 20 day Summons on Sunday where Wells Fargo is requesting relief for the $58K note. I haven't even heard anything from BOA, other then a monthly form letter asking me to meet with them for help, etc. I am meeting with a good attorney this week, but I was advised over the phone that due to my $70k a year income I would likely not qualify for Chapter 7, only 13. I have only $20k in CC debt, and $7K on my car. I have managed to save about $10K over the past few months. The summons also lists us as husband and wife, which we are not, if this makes a difference. Is it common to be sued on the second before the first even goes into foreclosure? Based on what I have read here over the past few months, it seems many settle the second, after the fact.
Thanks in advance,