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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Filed Chapt. 7 and Foreclosure on 1st and 2nd, Need Help? Posted by andrew on November 21, 2001 at 5:22 PM In Reply to: Re: Filed Chapt. 7 and Foreclosure on 1st and 2nd, Need Help? posted by Ward-CA- on November 18, 2001 at 1:18 PM : : Currently received discharge under Chapt. 7. House included : : (located in Montana). Regretted releasing home (1st - $130K, : : 2nd - $49k). Property assessed at $139,000 based on : : foreclosure documents from court. 1st and 2nd are financed : : with different banks. Can these amounts be renegotiated into : : a single mortgage at a lesser amount? Or are the institutions : : only willing to accept the amounts agreed to on the original : : loan? Financially it doesn't equate, but is there any : : possibility of redeeming property, or should this be chalked : : up to a learning experience. : : Thanks for any help..: Currently received discharge under Chapt. 7. House included (located in Montana). Regretted releasing home (1st - $130K, 2nd - $49k). Property assessed at $139,000 based on : foreclosure documents from court. 1st and 2nd are financed with different banks. Can these amounts be renegotiated into a single mortgage at a lesser amount? Or are the institutions only willing to accept the amounts agreed to on the original loan? Financially it doesn't equate, but is there any possibility of redeeming property, or should this be chalked up to a learning experience. : : Thanks for any help.. : =•=•=•=•=•=•=•=•=•=•=•= : Andrew, if your house is overencumbered by $40K I don't see how it could be renegotiated for a lesser amount because in your words, "it doesn't equate". Montana follows the non-judicial foreclosure procedure, so a post-sale redemption is not possible. : If you can cure the present foreclosure, maybe with an installment plan, then why not do it since you want to live there anyway. Thanks for the information. This forum is very helpful...Keep it up.. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : Currently received discharge under Chapt. 7. House included : : : (located in Montana). Regretted releasing home (1st - $130K, : : : 2nd - $49k). Property assessed at $139,000 based on : : : foreclosure documents from court. 1st and 2nd are financed : : : with different banks. Can these amounts be renegotiated into : : : a single mortgage at a lesser amount? Or are the institutions : : : only willing to accept the amounts agreed to on the original : : : loan? Financially it doesn't equate, but is there any : : : possibility of redeeming property, or should this be chalked : : : up to a learning experience. : : : Thanks for any help..: Currently received discharge under Chapt. 7. House included (located in Montana). Regretted releasing home (1st - $130K, 2nd - $49k). Property assessed at $139,000 based on : foreclosure documents from court. 1st and 2nd are financed with different banks. Can these amounts be renegotiated into a single mortgage at a lesser amount? Or are the institutions only willing to accept the amounts agreed to on the original loan? Financially it doesn't equate, but is there any possibility of redeeming property, or should this be chalked up to a learning experience. : : : Thanks for any help.. : : =•=•=•=•=•=•=•=•=•=•=•= : : Andrew, if your house is overencumbered by $40K I don't see how it could be renegotiated for a lesser amount because in your words, "it doesn't equate". Montana follows the non-judicial foreclosure procedure, so a post-sale redemption is not possible. : : If you can cure the present foreclosure, maybe with an installment plan, then why not do it since you want to live there anyway. : Thanks for the information. This forum is very helpful...Keep it up.. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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