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60 Days Late On 2nd Mortgage

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    #16
    Originally posted by albacore44 View Post
    I guess I was thinking of this in the context of filing a Ch-7 and the ideas expressed in other threads relating to stopping payment on the 2nd mortgage, while staying current on the 1st, then negotiating with the 2nd for a Lein release.
    That works when the 1st is underwater (and any other senior liens are as well). In this particular case, all liens are over-secured. This is a perfect scenario for a 2nd lienholder to foreclose.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

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      #17
      Originally posted by justbroke View Post
      That works when the 1st is underwater (and any other senior liens are as well). In this particular case, all liens are over-secured. This is a perfect scenario for a 2nd lienholder to foreclose.
      agree, but i wonder what the threshold is where a 2nd is not completely unsecured, but very close ??
      Stopped Paying CC's 2/2009. Retained Attorney 1/10/2010 Filed 1/23/2010. Discharged 5/19/10 $187K CC, $240K 2nd,$417K 1st, No asset Ch-7

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