2nd mortgage Chargeoff after bankruptsy

[muffindoodle]

What is the name of your state (only U.S. law)? Georgia

I have a 2nd loan on my house that has been charged off. My main loan is current. I understand that this 2nd loan really has nothing to do with the fact that I declared bankruptsy just before my divorce. My ex was supposed to pay the 2nd mortgage and he never did and now the 2nd loan has been charged off. There is no going after him for that money and I now want to take care this loan myself, as I soley own the house.

Chase is talking to me and wants my financial info so they can determine how much I can afford to pay. They are "kind of" threatening foreclosure. I have a couple options financially, I can offer them perhaps $4000 (out of my 401K) cash which would be 20% of the loan. Or I could arrange periodic payments for perhaps a negotiated amount, but prefer not to.

Any suggestions?

Thanks

Barb

[HomeGuru]

Originally Posted by muffindoodle

What is the name of your state (only U.S. law)? Georgia

I have a 2nd loan on my house that has been charged off. My main loan is current. I understand that this 2nd loan really has nothing to do with the fact that I declared bankruptsy just before my divorce. My ex was supposed to pay the 2nd mortgage and he never did and now the 2nd loan has been charged off. There is no going after him for that money and I now want to take care this loan myself, as I soley own the house.

Chase is talking to me and wants my financial info so they can determine how much I can afford to pay. They are "kind of" threatening foreclosure. I have a couple options financially, I can offer them perhaps $4000 (out of my 401K) cash which would be 20% of the loan. Or I could arrange periodic payments for perhaps a negotiated amount, but prefer not to.

Any suggestions?

Thanks

Barb

**A: your post is confusing. A mortgage is secured so can't be "charged off" like a credit card balance from an unsecured creditor.

[muffindoodle]

Hi,

Thanks for replying

I know it confused me too. She actually used both words, discharged and charged off. I am 100% certain that it is a loan secured by my house. OK then, what impact does teh Discharged loan have. This perhaps means it is in collections then?
thanks

[HomeGuru]

Originally Posted by muffindoodle

Hi,

Thanks for replying

I know it confused me too. She actually used both words, discharged and charged off. I am 100% certain that it is a loan secured by my house. OK then, what impact does teh Discharged loan have. This perhaps means it is in collections then?
thanks

**A: get a current title report. I am certain the 2nd mortgage is still listed.

[muffindoodle]

Hi,

Thanks for replying.

Oh, I know the loan is on the title, but that wasn't my question. I will elaborate:

Just looking for some smart advice and the misuse of the "charged off" term sent us down a tangent:

OK... Before my divorce, my husband and I went through bankruptcy. The 2nd mortgage was in his name only. At the divorce, I got a quick deed for the house. He was supposed to pay the mortgage and now it is impossible to get him to pay the mortgage (please let's not go down that tangent). I am going to take care of this myself.

The 2nd loan is actually for 18,000. The house is only worth the amount of the first loan. I am just looking for advice. For example, I could offer them 10K out of my 401K. With less than perfect credit (only due to the bankruptcy) I could refinance (maybe) but at what interest rate. I do not want to shop around and then get a bunch of "looks" on my credit.

Thanks

[45Frank]

Don't know about my two cents but here goes. Others will elaborate.

If it's in your divorce that he is to pay that should hold them off. In my divorce they Ex was to pay certain things and didn't and I thought I was on the hook and my attorney for a fee of course made about $15,000.00 in bills go away. He basically sent out letters(with documentation from court) stating that the court had transferred the debt to the Ex. I will say none were secured by my home.

[HomeGuru]

Originally Posted by muffindoodle

Hi,

Thanks for replying.

Oh, I know the loan is on the title, but that wasn't my question. I will elaborate:

Just looking for some smart advice and the misuse of the "charged off" term sent us down a tangent:

OK... Before my divorce, my husband and I went through bankruptcy. The 2nd mortgage was in his name only. At the divorce, I got a quick deed for the house. He was supposed to pay the mortgage and now it is impossible to get him to pay the mortgage (please let's not go down that tangent). I am going to take care of this myself.

The 2nd loan is actually for 18,000. The house is only worth the amount of the first loan. I am just looking for advice. For example, I could offer them 10K out of my 401K. With less than perfect credit (only due to the bankruptcy) I could refinance (maybe) but at what interest rate. I do not want to shop around and then get a bunch of "looks" on my credit.

Thanks

**A: the charge off means nothing so forget about being so concerned. The mortgage is still intact.

[muffindoodle]

HI again,

OK then, I still do not have any advice or - for certain - info, but thanks for the last comment, as I suspect that a secured loan is always attached to the collateral regardless of divorce or bankruptsy, but someone else may know for sure - HOWEVER, I still don't have any advice yet (like I originally asked). Perhaps my case is too complicated, or no one knows about Georgia law in these matters, but here is another tidbit about my situation.

BEFORE my divorce, and BEFORE my bankruptcy, my husband secured a 2nd mortgage against our house with JUST his name on the loan, where the original mortgage was in both our names. How can the bank lend him money against the house that I was co-owner of without my signature or permission?

Thank you!!!

[FlyingRon]

Security is not wiped out in bankruptcy. The lien or whatever stays.

"Chargeoff" has nothing to do with bankruptcy, it's an internal accounting thing as far as the lender is concerned. "Discharge" is potentially the word you are looking for. Secured loans are rarely discharged in bankruptcy.

[muffindoodle]

Hi,

Hey, last guy, I know that loans that are secured with property are not forgiven with bankruptcy. Guess what, I went through bankruptcy.

I am kind of getting frustrated with you folks. I know you all have good intentions, but no one is actually helping me. If you can not answer my direct questions, please do not reply, you are wasting your time and mine.

I will list my questions and teach a few of you how to answer a question.

1) Original question (refer to original 1st part of thread): Regarding a 2nd mortgage that my ex took against the house. After divorce, he was supposed to pay and is now gone!!! I have a couple options financially, I can offer the lender (chase) perhaps $4000 (out of my 401K) cash which would be 20% of the loan. Or I could arrange periodic payments for perhaps a negotiated amount, but prefer not to. Any suggestions? ((((((Here is a potential answer, "They will never take the offer because...." - here is another potential answer - "I think they will take the offer because...." - here is yet another potential answer - Why don't you refinance and bite the bullet and pay off the 2nd, seeing you can not find the ex.)))))

2) My next question (unanswered) was: How can the bank lend him money against the house that I was co-owner of without my signature or permission? (((here is a potential answer, HE CAN! - Here is another potential answer - HE CAN't)))

Get the drift?

Thanks for any REAL help in advance.

[FlyingRon]

Originally Posted by muffindoodle

Hey, last guy, I know that loans that are secured with property are not forgiven with bankruptcy. Guess what, I went through bankruptcy.

Well you don't seem to use the terms properly, which means you don't really understand what happened or your communication skills are so poor you can not express them here.

I am kind of getting frustrated with you folks. I know you all have good intentions, but no one is actually helping me. If you can not answer my direct questions, please do not reply, you are wasting your time and mine.

Listen, don't get snarky with me. If you can't be bothered to be civil and clear with people who are donating their spare time to help you, you can stop wasting both our times.

I will list my questions and teach a few of you how to answer a question.

We know how to answer questions, how about you learning how to respond to your inquiries about what we know to answer your previous ill-formed questions.

This isn't "Give the answer you want to hear land."

We have no crystal ball as to what chase would do, and in my experience with them. Just about anything is possible. I've never dealt with a more screwed up mortgage lender in my life. They actually lost a $25,000 mortgage of mine for seven months.

The answer is if you want to keep the house, you're going to have to deal with it now before foreclosure happens. Negotiate with the lenders, refinance, those are all strategies. It would depend on your financial situation as to which you would try first. This is a legal forum, not a money management one.

Then after you deal with the hear and now legal issue of possible foreclosure, then get your lawyer (you did have one for the divorce?) and figure out what you can do to get the money recovered from your ex.

2) My next question (unanswered) was: How can the bank lend him money against the house that I was co-owner of without my signature or permission? (((here is a potential answer, HE CAN! - Here is another potential answer - HE CAN't)))

While most banks won't, it doesn't mean they can't. They surely can.

Get the drift?

Yeah, you have personal problems that no doubt led to the marital issues.

Thanks for any REAL help in advance.[/quote]

[muffindoodle]

Hi,

Even thought you too have an attitude, (probably your wife left you), in my case, my ex was into drugs. I was not. I left him. I sent him to the curb, bet you know how that feels. You probably wouldn't know a real woman if you met one. Ha.

Oh is this really a legal forum? I had no idea, I thought it was Betty Crocker's Woman advice forum.

But to your point as to my communication skills, what part of "there is a question mark at the end of a sentence that you don't understand? Well at least in this case, it took poking at your manhood to finally get an actual answer to my questions, and ya know, I believe your answer, thanks.

If you want to respond for the rest of the forum's sake, go ahead, I won't be checking these anymore and all insults aside, thanks again.