Need Advice

[Rixshaw]

I declared bankruptcy about 4 years ago. Been paying my bills that I knew about. Doing ok. A Couple of weeks ago a broker called me saying he wanted to help me out and see about refinancing my house and was pretty persistant about it. After telling him that I think my credit is pretty bad I said sure go ahead. He found that we had a second morgage on the house (Which at the time we did not remember cause we had not been paying it or receiving any bills for it.) It was an attempt by us to stop from having to file for bankruptcy. The amount that is now own to this creditor is around double what the amount was due to late fee and other penatiles and intrest, which I can't pay. I do not understand why no one has contacted me about this. It does not seem right. My phone # is still the same I am in the same house. This guy is not even who we got the loan from. If the loan was sold should not someone have tried to contact us. Any Advice would greatly be appreciated.

[lrprn]

Welcome to BK Forum - glad you found us!

When you signed on the bottom line to get your second mortgage, unless that mortgage was paid in full by selling the house or the house was foreclosed on, you owe that money and all the late fees associated with it. Just because it disappeared from your radar doesn't mean it disappeared from the lender's or whoever they sold it to.

The second mortgage holder likely didn't foreclose when you stopped paying on that loan because the first mortgage lender would have to be paid in full first before the second lender got any money. If there's not much equity in the house or if the house is upside down when both loans are combined, then there's no advantage to the second lender to file with the courts to foreclose on your home. Instead they sold the loan to another agency and cut their losses.

Typically the agency that received your loan would have notified you by letter (not by phone) when it was transferred. Has your mailing address changed?

[Rixshaw]

Thanks for the info. It is possiable that I could have thrown away one letter and that is becuase of the amount of time that has past. I thought I did a good job after the bankruptcy to make sure that I caught them all. I do not mind paying what I still owed but for the amount to be double without me knowing it even existed just make me furious. We even had a credit check done to see if anything was missing and nothing popped up. Its just so frustrating

[tradewiz50]

How the hell don't you know that you have a second mortgage?