My husband was deeply in debt prior to us getting married, and took out a 2nd mortgage on the home we own. We are both on the 1st mortgage, and that is current after a hellish loan modification process with WF. 2nd originated with Countrywide and was sold to BoA and now is being sold again, hubby is the sole borrower on it. We tried to get BoA to modify the 2nd, but they refused. Waiting on the info for who ever BoA sold the 2nd to, but in case they also refuse to work with us, I'm exploring other options. The house is deeply underwater, between 1st and 2nd we owe about 200k more than the house is worth. We tried refinancing, but have been unable to based on the value of the home and the hit to our credit we took during the loan modification process with the 1st.
Question is this, since hubby is the sole borrower on the 2nd mortgage and his credit is already trashed, should we consider having him file for BK so we can possibly strip the 2nd off our home? We would prefer to do a modification or possibly a settlement, but like the title to the post says, just exploring our options.
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