Settling a 2nd mortgage after chapter 7 bankruptcy discharge

hipster

LoanSafe Member
Dec 4, 2013
34
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Thank you for the reply. Also, do I send that to the address that I normally send the payment to?
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Yes, their customer service department should be suffice.
 

hipster

LoanSafe Member
Dec 4, 2013
34
6
8
It has been almost 8 months , I sent a low settlement offer a couple of months ago that got an email returned that they decline. I have not sent of heard back from them with a counter offer. So, I guess I will sit and wait.
 

vitalmommy

LoanSafe Member
Dec 1, 2014
31
2
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It has been almost 8 months , I sent a low settlement offer a couple of months ago that got an email returned that they decline. I have not sent of heard back from them with a counter offer. So, I guess I will sit and wait.
Just wondering if you ever settled this matter?
 

hipster

LoanSafe Member
Dec 4, 2013
34
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8

clakeca

LoanSafe Member
Oct 22, 2009
153
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I have heard nothing from them. I get twinges of nervousness here and there though. I think they might be waiting until they get in the money. But if I go by what has been posted by TomEason in http://www.loansafe.org/forum/debt-settlement/37996-strategy-settling-your-2nd-94.html , it might be quite awhile before they would be in the money. But I still get nervous, it has been over a yr since I have paid.
I too am getting nervous about getting "in the money." I would like to know how many on the forum have been forclosed upon by a Chase second, when their first is current.
 

clakeca

LoanSafe Member
Oct 22, 2009
153
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And, has anyone received a settlement offer lately (this year 2015) by Chase?
Thanks,
Shelley
 

chasegame

LoanSafe Member
Mar 29, 2013
74
11
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I have not either. I received a decline to my offer to settle (about 3% : ) ) from them at the end of 2014. My plan is to wait several more months and try again. We haven't paid anything on our underwater 2nd since mid 2012. The second is still underwater about $100K and home price appreciation here has slowed. Current on our first.
 

clakeca

LoanSafe Member
Oct 22, 2009
153
3
18
I have not either. I received a decline to my offer to settle (about 3% : ) ) from them at the end of 2014. My plan is to wait several more months and try again. We haven't paid anything on our underwater 2nd since mid 2012. The second is still underwater about $100K and home price appreciation here has slowed. Current on our first.
Thanks for the update
 

vitalmommy

LoanSafe Member
Dec 1, 2014
31
2
8
51
I have 2nd with Etrade and underwater by about 19k per Zillow. Still current on both 1st and 2nd, but need to settle second. Has anyone recently settled with Etrade or their partner bank CLC lately?
 

clakeca

LoanSafe Member
Oct 22, 2009
153
3
18
I have not either. I received a decline to my offer to settle (about 3% : ) ) from them at the end of 2014. My plan is to wait several more months and try again. We haven't paid anything on our underwater 2nd since mid 2012. The second is still underwater about $100K and home price appreciation here has slowed. Current on our first.
Chasegame,
Are you in California? Did they offer anything, even payments? Is your second charged off?
Shelley
 

chasegame

LoanSafe Member
Mar 29, 2013
74
11
8
clakeca,
Yes I am in CA. Yes the 2nd was charged off a couple years ago plus discharged in our Chp7 where we did not reaffirm it. At almost every conversation they pushed hard for re-establishing even small payments "to show good faith while negotiating a settlement" & to provide financials so my low offers to settle could be reviewed. We did neither and will not-ever. I felt I could achieve success in negotiating with these verbal sessions (about every 6 weeks) as I have life experience negotiating. However I came to realize they pretty much use a very rigid script and flow chart for their people (robots) and I wasn't getting anywhere. I finally told them politely to stop calling me and if they wanted to revisit negotiations it had to be written only.
 
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chasegame

LoanSafe Member
Mar 29, 2013
74
11
8
clakeca,
...........one more thing: re-instituting payments on a charged off loan, or any loan, may create problems for you down the road. Your Chap7 may protect you but without it, I know for sure that you essentially re-start the clock on the statute of limitations (SOL) which is 4 years in CA. Meaning the SOL clock starts when your last payment is made, so any new payments re-start that clock. SOL is the time limit creditor has to sue you to collect payment.
 
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clakeca

LoanSafe Member
Oct 22, 2009
153
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18
clakeca,
...........one more thing: re-instituting payments on a charged off loan, or any loan, may create problems for you down the road. Your Chap7 may protect you but without it, I know for sure that you essentially re-start the clock on the statute of limitations (SOL) which is 4 years in CA. Meaning the SOL clock starts when your last payment is made, so any new payments re-start that clock. SOL is the time limit creditor has to sue you to collect payment.
Chasegame,
Thanks.
But, regardless of SOL, in the second's debt will stay with house, right? I want to keep it, but I need to settle with Chase. I am waiting until I can cash out one of my smaller retirement 403b's in order to offer cash in March. I wish I had had the $10,000 when they sent the "Let's Settle" letter in Sept. I don't know if they would still settle for a similar number.
Best to you
 

Pensivity

LoanSafe Member
Nov 1, 2012
21
1
3
Well, after much reading and combing through these forums, I figured I am going to start the strategy. I imagine that it will take a bit of time but I think it will be worth it in the end. I imagine that I will stop paying on the second and wait about 6 or so months before I send a letter to Banco about being able to contact me for settlement purposes only , because of our chp 7 discharge. I will try to update any progress that has been made here. But as of now , we are current on both. My New Years res. will be to hopefully settle my second by the end of the year....or the end of the next and so on and so forth.

I want to thank everyone in these forums for the wealth of information that can be found here. No matter what my outcome will be, I will either post in the success section , or in the walk section, or foreclosure..

Since I will stop paying on the 2nd in January of 2014 , I might not post on here in awhile....unless I start getting twitchy and need talked off the ledge.

My one worry is about the no contact because of the chp 7 discharge, because they will not be able to contact me...or that might be a blessing.
Hi Hipster and happy New year!
How did your attempt to settle turn out?
 

Survivor_IN

LoanSafe Member
Jun 2, 2008
278
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I too am getting nervous about getting "in the money." I would like to know how many on the forum have been forclosed upon by a Chase second, when their first is current.
Not sure about the Chase part... but....

I recall, some time ago, that gov programs (Harp, hamp, etc) were adjusted and that homeowner was allowed up to 20 or 25k in savings... and still be eligible for program(s). I wouldn't volunteer my bank balance during "settlement negotiations" though. It's like playing cards, hold your hand, don't lead with aces. Most servicers will initially take info, feigining to 'check eligibity' then move you into an 'internal offering'' because the 'invester' doesn't allow hamp, harp, 2nd lein mod, etc. (even thought it's advertised on their website that they do) Then you are screwed as they have savings/financial info *plus* bank account numbers from the statements you proffered for hamp, etc.
 

Survivor_IN

LoanSafe Member
Jun 2, 2008
278
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Chasegame,
Thanks.
But, regardless of SOL, in the second's debt will stay with house, right? I want to keep it, but I need to settle with Chase. I am waiting until I can cash out one of my smaller retirement 403b's in order to offer cash in March. I wish I had had the $10,000 when they sent the "Let's Settle" letter in Sept. I don't know if they would still settle for a similar number.
Best to you
You don't necessarily need cash in full. Agree to a value FIRST, then negotiate to make payments in installments.
 

Survivor_IN

LoanSafe Member
Jun 2, 2008
278
24
18
You don't necessarily need cash in full. Agree to a value FIRST, then negotiate to make payments in installments.
one additional thought... you can retain some of your 'funds' (401k, 403b, retirement, savings, other cash assets, etc) by borrowing against them (via local bank personal loan). That way, you are dealing with 'new loan' and different bank, cutting out predatory dealings in full.
 

hipster

LoanSafe Member
Dec 4, 2013
34
6
8
So far,for me, there has been no attempt on their part to settle. I have not heard a peep from them. Every once and awhile I get a twinge of nervousness , but I just keep waiting it out hoping to get some sort of dialogue to start negotiating a settlement. Until then, I will just wait it out to see where this thing goes.