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Old 10-06-2004, 11:46 AM
mc4447
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Interest Usuary Laws on 2nd Mortgage

undefinedWhat is the name of your state? Montana

My husband and I took out a 2nd mortgage to put a new roof on our home.
The interest rates at that time were 15.875.
Since then, we have filed for Chapter 7 Bankruptcy. The lending institution will not refinance this loan at a lower rate.
Our bankruptcy judge will not let us pay this $ of interest.
We are in a bind now. We have not paid payments, attorney said not to; we have not made attempt with other institutions to refinance; and GMAC will not refinance. GMAC says they are going to forclose on their 2nd. That they can buy out the lst and forclose. Is this a scare tactic? What do we do? HELP
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Old 10-06-2004, 09:28 PM
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Join Date: Jul 2004
Location: Nashville, TN
Posts: 249
It's not a scare tactic. If there is equity in your home then it can happen. Your attorney is a bona fide idiot for recommending you not pay your mortgage. If you are unable to come up with the money to prevent foreclosure and a Chapter 13 is not feasible then I recommend you sell your home after doing the Chapter 7, put the proceeds in savings and sit on it for 2 years and rent a home for the time being.
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