Hi everyone! It's been awhile since I've been on. I have a question that I'm sure I already know the answer too, but I'll ask anyway. My Chapter 7 BK was discharged and close in January of this year. I kept my home but signed no reaff agreement on either first or second mortgage. Both show included in chapter 7 with a zero balance. I have never been late and accounts are in good standing, with one actually still reporting. QUESTION?? If your second mortgage is secured as a loan against your home, do you still have to payit? I would assume that you would, and I have been, but I just got to thinking about it today. If I stopped paying on the second mortgage, I assume that would result in a foreclosure on my home, since it is a second mortgage. Does anyone know for sure or has anyone been in this situation? I know it seems foolish to ask, but you never know. It would be nice to not have to pay that and be able to keep my house under just the original mortgage, but then life ain't usually like that. Thanks for all the advice and encouragement over my BK experience....it was worth a million to my mind.
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A mortgage is a mortgage--secured debt. Gotta pay them all.*** THIS IS NOT LEGAL ADVICE--ONLY A LAWYER CAN PROVIDE THAT. ***
My posts represent hours of research on and off the web, these forums, my experience, and my opinions. -
Yeah, that's what I figured. It's a shame that I didn't file earlier instead of digging myself deeper and deeper before I realized that I had a real problem. I just kept thinking that one more balance transfer, one more consolidation, one more blah blah blah I could bail myself out. Didn't happen...ThanksComment
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I hear that one, Swimmin!!Originally posted by swiminindebt
Been there. Done that. Got the T-Shirt!
You are right tho. If you stop paying on the 2nd, they'll just Foreclose.
As Anon said,........ A mortgage is a mortgage is a mortgage.Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...Comment
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Getting a 2nd mortgage to pay down credit cards is turning a unsecured debt into a secured one which cannot be discharged. The only **advantage** to taking out a 2nd mortgage for that is when you have too much non-exempt equity in your home. But something like that has to be done way before you file BK (like a year) to not look fishy.*** THIS IS NOT LEGAL ADVICE--ONLY A LAWYER CAN PROVIDE THAT. ***
My posts represent hours of research on and off the web, these forums, my experience, and my opinions.Comment
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