 efsaxe
Joined: 05 Nov 2009
Posts: 1
1.47 Dollars($)
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 Posted: Thu Nov 05, 2009 12:22 pm Post subject: Can a judge dismiss 2nd mgt. if 1st lender willing to do loa |
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My home mortgage became, like many, an impossible situation. Had an 80/20 mortgage loan (100% finance) with Option One. Try to work with bank, got nowhere. Bank threathened foreclosure.
Bankruptcy was recommended...so that is what I did, filed Chapter 7. This meant relinquishing my house after final bankruptcy discharge. Then, President Obama put into effect a better possibility for "loan modifications". Received letter from county court to appear for hopeful arbitration on mortgage with lender.
I now discover Option One went bankrupt, a new company, which is compiled of several of these lending institutions, called American Home Mortgage is now the lender. Also, that my 2nd mortgage with Option One was sold to Real Time Resolutions.
My bankruptcy was discharged so I realize that legally I am no longer obligated to either lender. However, with the new loan modifications, there is a form to decide if you are able to modifiy on governement website, I can now make loan payment with new figures/ modification and have a good chance of keeping my house.
However, what happens to 2nd mortgage. Can judge dismiss the 2nd mortgage? Remember, these obligations were already discharged in bankruptcy court.
Afraid of opening "pandora box" by trying to work with now American Home Mortgage company for new first mortgage and then Real Time Resolutions could possibly come after me for 2nd mortgage.
I really want the opportunity to keep my house. What are my options.
Thank you so very much for your time and help.
Ellen |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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| Posted: Fri Nov 06, 2009 2:50 am Post subject: |
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If you file Chapter 7 bankruptcy, your second mortgage will not be dismissed by the judge. You should remember that though the mortgage is discharged, the lender would still hold the lien on the property. The lender may ask you to pay off the dues. If you have not reaffirmed and have stopped the payments, then the lender will foreclose the property.
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Good is the Enemy of Great. |
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