I filed chapter 7 bankruptcy in Florida and 2 1/2

I filed chapter 7 bankruptcy in Florida and 2 1/2 years ago it was discharged. My attorney advised me to not reaffirm my 1st and 2nd mortgage but continue making payments. We have continued to do this since the discharge. We have tried to get an FHA loan this year but were told by multiple banks that because we included the house in bk we had to wait for 3 years. We were told to wait until the 3 yr mark and then get an FHA loan and walk away from the home that we did not reaffirm but are current on. My question is this. If we decide to make an offer to the 2nd mortgage company for say 5-10% of loan value to relieve the lien could we then work with our 1st mortgage company to agree to buy the house at the current value. Here are the specifics. 1st morgage= $134,250, 2nd $47,109. According to Zillow our house is worth $82,500. Are banks willing to work with people in my situation

2 Answers

A bankruptcy attorney is not who you need to talk to.  You need to talk with someone in banking and finance you can walk you thru the process.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

I don’t have any information about this matter. You can consult with an experienced bankruptcy attorney in this regard. I hope he/she will help you to resolve your problem.


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