[luckydog]

I have a first and second mortgage on my property. We are about 100K under water. Bank has denied us (Chase) twice for a loan modification and they have paid the last 2 tax payments. We can not longer afford payments wife's job.My question is my wife did not sign either Promissory Note I am the only signor. She did not sign second mortgage. She signed first. If we go to foreclosure which looks possible will Chase come after her for the first mortgage? Since she is not on the PN will the foreclosure only impact my credit she is not on either loan and does not currently appear on her credit report.Is Chapter 7 better than Foreclosure in my case and just walk away?

[Limo Mike]

I was in the same shoes as you and can tell you that what will happen is that yes the bank will foreclose on you. This can take a long time for them to do so too. If she is not on the deed then she has no worries. Something else you may not be aware of is that the bank will actually pay you to move out of your house. Its called cash for keys. Chances are they will not tell you about this however if you bring it to their attention they will connect you with the correct person. I also was with Chase and after a friend told me about this program I did just that. I worked out a deal with them that I would vacate the house within 90 days and leave it in a clean condition and they agreed to pay me $5,000.00 which they did. Let me also say that I had not paid my mortgage for 13 months before coming to this deal. It works out for the bank in the aspect that you are returning the house in good condition and at the same time they dont have to invest money in a possible eviction. I know this is more info then you asked for but thought it would be helpful. Keep your chin up. I know this situation can be hard but trust your not alone!!!