2nd Mortgage called?

[bull]

We are in chapter 7, had out 341 this week. We got a call last night and the girl said she was from GMAC/Ditech and wanted to know if we would like to look at lowering our rate for our 2nd Mortgage. I asked her if they could send me the information in writing and she said that was fine and that was that.

Was that for real or just a ploy to get us to reaffirm? We are planning on reaffirming out 1st mortgage, but our laywer told us not to reaffirm the 2nd (>100%), but just pay it.

Any thoughts?

[tdooders]

Im confused. Why would your lawyer tell you to reafirm the first and not the second? We too have two mortgages and are reafirming both. The mortgages are secured by your house so how can you reafirm the one and not the other?

[bull]

He told us not to reaffirm, but continue to pay the 2nd because if is greater than the value of the house. So if down the road, we want out of the house we will not be responsible for the 'unsecured' part of the 2nd mortgage.

[HHM]

bull is right, on secured debt in chapter 7, especially secondary notes like a 2nd mortgage, so long as you are current on your payments, the mortgage company cannot foreclose because you are not in default, and bankruptcy cannot count as a default.

[tdooders]

So how did you list the 2nd mortgage on your petition?

[bull]

Yep. It is listed as part secured and part unsecured (the part over 100% of the value of the home). He said that they can dispute the value of the home, but as long as we stay current, we are cool. Plus, it gives us the option to move later if we decide to.