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Probably a dumb question....but

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  • Probably a dumb question....but

    Long story short.............I filed for BK back in 2010, Trustee filed an AP, in order to get AP dismissed had to agree
    not to pursue discharge. Therefore no discharge. Most of the debts I had are falling off due to SOL.

    However I do have my primary house which I was able to work out a modification. The mortgage company is in of course
    first position. I'm current on payments and all is well. Except I just received my new homeowners insurance statement and
    premium is paid by Mortgagee. But, on the statement it still list a 2nd and a 3rd Mortgagees. I have not received any statements
    or anything from either of these Mortgagees since 2008/2009. Now, and please excuse my ignorance, I don't want to contact
    them of course, but will these 2 others remain always on my property? If there's nothing from them from here on out would they
    possibly fall off??

    Can they still possibly look to foreclose? Am I forever saddled with these two other Mortgagees attached to my home?

  • #2
    The 2nd and 3rd mortgages will remain as liens unless you pay them off. The holders of those mortgages can foreclose and are entitled to be named as insured on your homeowners policy.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

    Comment


    • #3
      Originally posted by LadyInTheRed View Post
      The 2nd and 3rd mortgages will remain as liens unless you pay them off. The holders of those mortgages can foreclose and are entitled to be named as insured on your homeowners policy.

      I understand that, but why have they not reached out to me as of now to attempt to collect? It's a Catch 22, if I reach out to them I open
      a chance to get them to consider a possible foreclosure. So IF I decide to possibly sell my home in say 20 years,I'm in my 50's, then these liens are
      just lingering on there? What could I possibly owe them if I never hear anything more from them?

      Comment


      • #4
        You still owe them whatever is due regardless of whether they contact you or not. Unless they zero out the debt, it's still there and they still hold a lein on the property. So yes, if you decide to sell (even 20 years from now) you will have to square up with them. Being in second and third positions, they don't have any recourse right now. That recourse is available once you try to sell the house.
        Filed Ch 13 Feb 9, 2012, 341 meeting Mar 15, 2012, Confirmed Apr 5, 2012
        Anticipated freedom party Apr 2015

        Comment


        • #5
          Originally posted by TheBajan View Post
          You still owe them whatever is due regardless of whether they contact you or not. Unless they zero out the debt, it's still there and they still hold a lein on the property. So yes, if you decide to sell (even 20 years from now) you will have to square up with them. Being in second and third positions, they don't have any recourse right now. That recourse is available once you try to sell the house.
          They can foreclose. They just have to pay off the first before they get a penny. So there has to be some equity to make it worth the trouble.
          LadyInTheRed is in the black!
          Filed Chap 13 April 2010. Discharged May 2015.
          $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

          Comment


          • #6
            I'm curious about how the 2nd and 3rd show up on your credit reports.

            Comment

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