http://www.videocreditscore.com/bankruptcy-last-resort/ Tue, 24 Jan 2012 18:29:53 +0000 hourly 1 http://wordpress.org/?v=3.2.1 http://www.videocreditscore.com/bankruptcy-last-resort/#comment-1236 VideoCreditScore-Andy Mon, 05 Jul 2010 21:19:15 +0000 http://www.videocreditscore.com/?p=1593#comment-1236 One loan modification program available in which lenders reduce principal is FHA's Hope For Homeowners. There is lots of discussion on banks reducing principle, but I haven't seen this shift. Banks want there money and most loan modification programs have had little participation and even less success in slowing foreclosures. This gives the banks a lot of pause from helping people with their principle. Re: the second question. All mortgages tied to a foreclosure will reflect the foreclosure. They will fall off your report in 7 years if foreclose and 10 years if you file a bankruptcy. One loan modification program available in which lenders reduce principal is FHA’s Hope For Homeowners. There is lots of discussion on banks reducing principle, but I haven’t seen this shift. Banks want there money and most loan modification programs have had little participation and even less success in slowing foreclosures. This gives the banks a lot of pause from helping people with their principle. Re: the second question. All mortgages tied to a foreclosure will reflect the foreclosure. They will fall off your report in 7 years if foreclose and 10 years if you file a bankruptcy.

]]> http://www.videocreditscore.com/bankruptcy-last-resort/#comment-1234 J. B. Mon, 05 Jul 2010 02:26:38 +0000 http://www.videocreditscore.com/?p=1593#comment-1234 What are the chances of getting a principle reducting if we tell the lender that we won't be reaffirming the mortgage when we file bankruptcy, unless they can help us? We are underwater by about $200,000. (Also if we were to foreclose instead of do a bankruptcy, would the second mortgage still drop off?) (We are in FL) What are the chances of getting a principle reducting if we tell the lender that we won’t be reaffirming the mortgage when we file bankruptcy, unless they can help us? We are underwater by about $200,000. (Also if we were to foreclose instead of do a bankruptcy, would the second mortgage still drop off?) (We are in FL)

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