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the bank is country wide . we can handle the fisrt but we stop paying the 2 for 3 months allready .did we lose our home?

does chacter 7 eliminate the 2 morgage?

jameshogg · Posted: Sun Feb 22, 2009 7:24 pm Post subject:

Hi papu,

The second lender will have the right to foreclose the property. But the second lender will also have to satisfy the first loan in that case. You can contact the second lender and check out the option of loan modification with them. This will help you to save your property from a foreclosure.

Filing a chapter 7 will help you in wiping off the mortgage. But if you want to save the property, you can reaffirm the mortgage after you are discharged of Chapter 7.

Thanks

Guest

thanks james for the adviced
but i still dont know if we continued paying the first one and stop paying the 2 one to country wide ,with we did for the last three month becose of reduced income ,wich law will protect us soo we dont lose our home?

also the chapter 7 will eliminate my 2 and we keep our home by paying the first one ?

sara · Posted: Wed Feb 25, 2009 3:13 am Post subject:

Hi papu,

Though you file Chapter 7 bankruptcy, the second mortgage will not be wiped off. You can reaffirm the second mortgage along with the first and keep on paying the dues to retain the property.

If you cannot pay the second lender, he has the rights to foreclose the property. However, in order to do that, the second lender will have to satisfy the first loan as well. You can contact your second lender and negotiate with him so that he reduces your payments or forgives them.

Take Care.

manoj_gopale · Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)

i think you should negotiate with your second lender in order to reaarange the loan terms in a more comfortable way so it will not be a trouble for you to pay the second mortgage.if they can reduce the monthly installment to which you are comfortable with then i think it will surely be helpful for you and you will be worry free about the payments.

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can i keep my home if i pay my 1 and dont pay 2 morgage . fl

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