Unsecured loan with bad credit

We were still getting on our feet so I stopped paying until I got lowest personal loan rates something threatening. So in this instance do I have a 2nd mortgage that needs to be reported? If so what do I put down for a payment amount as I dont really have any? To the best of my knowledge, technically and legally speaking you do not have a second mortgage because it was charged off. As you mentioned, the lien remains, but they are asking you if you have a second mortgage, not a second lien. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should unsecured loan with bad credit contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages.

I had a 1st with Wells Fargo for 200k and a 2nd (Home Equity unsecured loan with bad credit Loan) with US Bank for 180k for my house that today is worth 440k Back unsecured loan with bad credit in 2011 I stopped paying my 2nd mortgage with US BANK. However earlier this week I decided to give a refi on my 1st a chance and filled out an online application which surprisingly was approved after a credit report review. I wrote them and explained that I was behind almost 5 years on my 2nd and they replied there was no 2nd mortgage on my report. I bought a credit report from Experian and they were right... If US Bank has indeed written off my 2nd what does this mean as far as the house being collateral for the loan? Is the loan still secured or is it unsecured at this point? I live in California - does that mean after 4 years (more than 4 years for me) of defaulting on the loan that US Bank can no longer foreclose on the house? Is it a better idea to try to negotiate a settlement to release the lien BEFORE or AFTER payday loans new lenders they sell to a collection agency?


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Your second mortgage is now unsecured, but the lien remains. It is really just clever accounting practices of lenders. The only way to get the 2nd lien money lending removed is to settle with them or pay it off. If you went to sell, you would have to pay off the 2nd like it is still there.

So just think of that equity as almost nonexistent because technically, it is. In the state of California, there is a four (4) year statute of limitations (SOL) pursuant to California Code of Civil Procedure section 337 from breach or last payment, whichever is later.

Also, my understanding is that a secured junior lender is legally barred from suing the debtor when the debt is unsecured, pursuant to CCP Section 726. They are always a pain to do regardless the debt collector. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing personal loans with no credit history legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular unsecured loan with bad credit issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

Please Read our Your second mortgage is now unsecured, but the lien remains. It is really just clever accounting practices of lenders.

The only way to get the 2nd lien removed is to settle with them or pay it off. If you went to sell, you would have to pay off the 2nd like it is still there. So just think of that equity as almost nonexistent because technically, it is. In the state of California, there is a four (4) year statute of limitations (SOL) pursuant to California Code of Civil Procedure section 337 from breach or last payment, whichever is later.

Also, my understanding is that a secured junior lender is legally barred from suing the debtor when the debt unsecured loan with bad credit is unsecured, pursuant to CCP Section 726. They are always a pain to do regardless the debt collector.

I tried on numerous occasions to get lawyers to help in the LoanSafe forum for free. A few did, but since they have a lot of debt like student loans and high rents, they actually need to charge for their advice so they do not go bankrupt.

They might not be able to sue anyways because California is a nonrecourse state.

If your loans are not recourse, then you owe nothing and they cannot sue. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect tribal loans to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. I am self employed and was doing good until I expanded my business a couple years ago. Shortly after relocating to a warehouse out main source of growth ceased totally. Foolishly, I overspent when we were surging and I was slow to reduce spending and overhead and now have 45k in revolving personal debt and 10k on a business CC that we used to pay off monthly.

My income the last two years filed was around 36k and 24k, I am on an extension for 2012 and will file what I am how to apply for personal loan estimating to be around 15k in income at that time.

I have been slashing expenses and we are stabilized but it will be a long road back to actually accumulating money. My DTI is horrendous and I assume it does not matter that it is mostly all business expenses.

This downtrend in income is terrible timing as the 5 yr mod is up in August and there will be a huge increase as I have one of the crazy 2005 deals that can get into the double digit interest rates. I have been slashing expenses and we are stabilized but it will be a long road back to actually accumulating money.

My DTI is horrendous and I assume it does payday loans over 6 months not matter that it is mostly all business expenses. This downtrend in income is terrible timing as the 5 yr mod is up in August and there will be a huge increase as I have one of the crazy 2005 deals that can get into the double digit interest rates.

Welcome and thanks for coming back to the community, I hope we can help you through the process this time around as well. Without going into too much detail, it looks like your DTI and income will be the main issue when trying to secure another modification. If BofA determines you do not have the means to support a modification after your payment adjusts, they may offer a temporary 6-12 month forbearance plan while you work on increasing your earnings. The comments by me and unsecured loan with bad credit the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. I am self employed and was doing good until I expanded my business a couple years ago.

Shortly after relocating to a warehouse out main source of growth ceased totally.