I went Ch7 BK in 2014.
I continued to pay my first mortgage and I am current.
I haven't paid SLS a dime on my 2nd since my BK
After 6 years, out of the blue, SLS sends me a foreclosure notice and wants $23K to get current.
First: $190k
Second: $45K ($23k past due)
I called SLS and lady said my house was worth $210k. That could be close. May be too high. She said I can hire an appraiser to get my own appraisal, and for $150 they would "reconcile" my appraisal. Is it worth me paying for my own appraisal? Would they accept a lower value? If I let them go to foreclosure, would they be forced to pay for a new appraisal anyway?
They also said I owed $150k on my first. This is not accurate. I owe $190k. They told me how to get a payoff quote and they will update their systems. So I am good there.
So they think I have $60K equity. I actually have between $-10k and +$20k. I wonder if they will be eager to foreclose once their computers are updated. Anybody know how much equity it takes for a 1st mortgage to block a sale?
I asked about settlement and they said the settlement amount would be 100% of the equity in the home. So if I have $20k in equity, they want a check for $20k. Is this normal? I had not read that on this forum.
What is a realistic target settlement if I have $20K equity on a $45k loan?
Thanks
I continued to pay my first mortgage and I am current.
I haven't paid SLS a dime on my 2nd since my BK
After 6 years, out of the blue, SLS sends me a foreclosure notice and wants $23K to get current.
First: $190k
Second: $45K ($23k past due)
I called SLS and lady said my house was worth $210k. That could be close. May be too high. She said I can hire an appraiser to get my own appraisal, and for $150 they would "reconcile" my appraisal. Is it worth me paying for my own appraisal? Would they accept a lower value? If I let them go to foreclosure, would they be forced to pay for a new appraisal anyway?
They also said I owed $150k on my first. This is not accurate. I owe $190k. They told me how to get a payoff quote and they will update their systems. So I am good there.
So they think I have $60K equity. I actually have between $-10k and +$20k. I wonder if they will be eager to foreclose once their computers are updated. Anybody know how much equity it takes for a 1st mortgage to block a sale?
I asked about settlement and they said the settlement amount would be 100% of the equity in the home. So if I have $20k in equity, they want a check for $20k. Is this normal? I had not read that on this forum.
What is a realistic target settlement if I have $20K equity on a $45k loan?
Thanks