Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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1st and 2nd Mort included in Chapter 7

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  • 1st and 2nd Mort included in Chapter 7

    My 1st and 2nd was included in my Chapter 7 and was never reaffirmed. Now after about 8 years since my discharge I continue to pay both mortgages but they don't get reported to my credit agency. My question is I recently decided to refinance my 1st for a lower rate. My 1st mortgage has informed me that my 2nd mortgage was charged off. I don't really understand what that means. They were surprised I was still paying the 2nd. Can you help clarify what that means and should I maybe just stop paying my 2nd and wait and settle in a few years. Any advice would be greatly appreciated,

  • #2
    "Charged off" is what a creditor does when they determine an account is unlikely to be collected. The lien remains, unless the 2nd actually released the lien which is extremely unlikely. I am sure that when you refinance, the new lender will require that the holder of the 2nd agree to subordinate to to the new loan.

    The charge off has nothing to do with whether you should continue to pay the second. If you stop paying, you risk the holder of the second lien foreclosing. If there is enough equity in the home to pay off the first and second, then the risk is high. If the second is underwater, there is still a risk, but there is also a chance that the second may settle. I you decide to go that route, I suggest you put the monthly payments in the bank so that you can bring the 2nd current if you can't settle. Be prepare to pay penalties as well.

    ETA: Rereading your post makes me wonder whether you already refinanced and it is the lender in your new first mortgage that told you about the charge off. If you were able to refinance without a subordination of the second lien, maybe the 2nd did release the lien. Check with your county recorder to find out. If the lien was released and the 2nd mortgage was discharged, there is no reason to continue paying.
    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!


    • #3
      I agree with LadyInTheRed, charge off has NOTHING to do with your obligation to pay the 2nd mortgage or the the lien rights of the 2nd mortgage holder. Strictly speaking, charge off is an incorrect entry on your credit report. The correct entry would be "included in bankruptcy."

      Whomever you spoke with at your 1st mortgage doesn't seem to really understand the ins and outs of mortgages after bankruptcy. Don't get your legal advice from a customer service loan rep.


      • #4
        Thank you for the advice. My first mortgage is waiting for my second mortgage which is Citi for the subordination agreement. I called my second and it's like you said it's included in the bankruptcy yet they still hold the lien and told me I could make a settlement offer. So I think that's what i am going to do In the end I am still going to owe the debt which is far less than my first mortgage so I doubt they will foreclose.


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