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kntwaltz2 · Joined: 18 Nov 2008 Posts: 1 2.31 Dollars($)

what happens if I dont make all of my payment to 2nd mortgage...My husband and I filed ch 7 BK and it was dischareged last month. We have our 1st mtg and a 2nd mtg. We didnt reaffirm either of these loans.... however we have never been late nor ever missed a payment since weve had them.

WHAT WILL HAPPEN IF I STOP MAKING PAYMENTS ON THE 2ND MTG?? Since out bk was discharged as ch 7?

My husband and I have no intentions of ever selling, but we would like to refinance in a few yrs. We will never be late on the primary mtg... ever! This is the house my father built and I wont let it go...

Since we have been discharegd can we send what we can efford to the 2nd in good faith.

The 2nd mtg isnt on our credit reports anymore? I have no idea why it's not there?

NANCY

jameshogg · Posted: Tue Nov 18, 2008 11:34 pm Post subject:

Hi kntwaltz!

Have you included your mortgage debts in Chapter 7 bankruptcy? You have mentioned that you were never late or you never missed payments.

I don't think you should stop making payments towards the second mortgage. Rather you should negotiate with the lender and check if you can pay as much you can afford. You should also ask the lender why the second mortgage is not in your credit report. Is he not reporting it? The lender should report the payments otherwise your credit score will be affected.

Samantha

Hi Kntwaltz,

Welcome to our forums.

If you keep paying for the first mortgage, it's better to sign on a reaffirmation agreement. That's how it works if you pay mortgage after bankruptcy discharge.

As for the second mortgage, I don't thin you should stop paying it because it'll affect your credit score. Even though the second mortgage lender is not reporting the debt payments to the credit bureau, he may do so if you stop paying for the loan. By the way, what I'm concerned about is, did you include other debts with the mortgages? and did you at all include the second mortgage in bankruptcy?

May god bless you.

Samantha

gmakerley · Posted: Wed Nov 19, 2008 8:54 am Post subject:

if you don't pay the second mortgage, they will begin a foreclosure action, in all likelihood.

when you signed the promissory note, you promised to make payments. why, after having been through bankruptcy, would you now contemplate not fulfilling that promise? you stand to lose the home as well as any credibility you've built up by continuing to make payments despite the bankruptcy filing.

make your payments.

Posted: Wed Nov 19, 2008 12:57 pm Post subject:

It's not that I dont want to repay the 2nd Mtg, but I'm having a hard time during the holidays to do this...My husband has been reassigned to a new base, I had to quit my job and we are on one income right now.. I think I should call them and see where we are with them. I guess I'm afraid to bring up anything for fear it will reopen a bad reaction. We were advised by our lawyer to not reaffirm the mtg or the 2nd mtg… for this he said it was not needed?

gmakerley · Posted: Wed Nov 19, 2008 1:21 pm Post subject:

without doubt, you need to call them to see what you can arrange.

Guest

I called my 2nd mtg company today and they advised me that I would need to be 30 days past due to make arrangements to miss a few payments and be considered for help, however she said my house will be considered for forclosure after 30 days late???? WTF I'm asking for help and she says She cant do anything unless I was late, and then she would place my home up for forclosure??

I asked her about restructure the payments, and she said because I didnt reaffirm the 2nd mtg with them that was not an option?

This is Beneficial ..... not a good company to deal with.

please help with advise? I dont want to lose this home and I cant loose the home? If I fall behind and they try to start forclosure will I be given the opportunity to pay whats owed before they forclosure is final? I have no idea how all this works. I only have a payment of 400 a month and for the next 2 months it's just not possible for me to pay it. But after that I will be right back on schedule? What about a short sale whats this? How does this work?

gmakerley · Posted: Thu Nov 20, 2008 2:57 pm Post subject:

you need to beg or borrow enough to make those payments (i won't say "steal"). truly, you indicate you want to pay, but cannot; in one of your earlier posts, you cited "the holidays" having an impact. i hate to say this, and you may already be doing so, but it's bite the bullet time for buying things. believe me, i know what i'm talking about. it's not easy for anyone out there these days.

Guest

I filed chpt 7, was discharged, and did not re-affirm.
They cannot, legally, report any payment history since the date of filing. This is a federal law. Use this to your advantage.

You can be late on your 1st and 2nd without fear. They still have to give you notice. I have been 60 days late on each and I never got notice from the 2nd lien holder, only the 1st. After 60 days, the 1st said if I don't pay, they will start foreclosure. My 1st was USBANK, 2nd was with USBANK as well.

This year I refinanced the 1st to a rate of 5.5% 30 year fixed, 1/2 point fees.

The second...I am going to have my lawyer draw up a letter to send the VP of charge offs of the 2nd mortgage division to request a "release of lien." My legal obligation to the debt has ended, therefore why not take a shot? Plus my discharge papers didn't say anything about the 2nd mortgage being a valid lien.

You are in a very powerful position because you did not reaffirm the debt. Talk to your chapter 7 attorney to find out how far you can stretch things in your state.

Guest

I HAVE A FIRST AND SECOND MORTGAGE THE FIRST ONE IS A 30 YEAR FIXED. I STOPED MAKING MY PAYMENTS ON BOTH BUT NOW I AM MAKING A MODIFICATION ON MY FIRST LOAN BUT NOT THE SECOND BECAUSE THEY DO NOT WANT TO NEGOTIATE WITH ME I ALSO STOP MAKING MY PAYMENTS ON MY CREDIT CARDS. MY QUESTION IS CAN I GO ON BANKRUPTSY ON CHAPTER 13 CAN I DISSAPPEAR MY SECOND WITH THIS CHAPTER HOW DOES THIS WORK IF I FILE CHAPTER 13 AND MY SECOND QUESTION IS IF I KEEP MAKING MY PAYMENT OF CHAPTER 13 FOR AT LEAST A YEAR AND THEN I AM NOT ABLE TO KEEP DOING THE PAYMENTS CAN I FILE CHAPTER 7 AND STILL KEEP MY HOME WOULD THAT ELIMINATE MY SECOND MORTGAGE AND CREDIT CARDS BECAUSE BY THEN MY SECOND MORTGAGE WOULD BECOME A LINE OF CREDIT UNSECURED. THANK YOU

gmakerley · Posted: Mon Jan 12, 2009 9:25 am Post subject:

you would be well-advised to seek the counsel of a bankruptcy lawyer.

Guest

my ex-wife bought the house she is in right now from her brother and sister after her mother passed away. the house was free and clear and she took out a mortgage on it to pay her brother and sister off. since then she has re fied the house and also took out a second mortgage with the same bank against the house. she owes 70,000.00 on the first mortgage and 21,000.00 on the second the house is in michigan right now and is worth only about 50,000.00 first payment is 543 and the second payment is 217 she is currently 3 months behind and is going to file bankruptcy in two weeks but does not want to give up the house.we can after bankruptcy afford the 543 but not the 217 is there any way of working a deal with a bank on kicking the secnd mortgage and keeping the house even though we know that we would still owe 70000 on a house that is only worth 50000 in michigan economic times it would definitly be in the banks better interest to work with us right now other wise they would be taking a huge loss if we file and let it go.

gmakerley · Posted: Tue Feb 03, 2009 9:29 am Post subject:

"is there any way" is your question; yes, i'm sure there's a way. however, as you pointed out in your final comments...the bank would be taking a huge loss if you file bankruptcy and "let it go." well, if you negotiate with the bank, as you've noted, and suggest they forgive the loan, guess what would happen: the bank would be taking a huge loss.

Guest

I HAVE A LIEN OF CREDIT THAT'S ABOUT TO CHARGE OFF WHAT HAPPENS

Guest

I HAVE AFIRST MORTGAGE AND A LINE OF CREDIT, THE LINE OF CREDIT IS ABOUT TO CHARGE OFF WHAT HAPPENS

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