Posted: Thu Nov 13, 2008 11:38 pm Post subject: what happens if I dont make all of my payment to 2nd mortgag
what happens if I dont make all of my payment to 2nd mortgage...My husband and I just had our bankruptcy discharged last month chap 7. We did not do a reaffirmation agreement with the 1st mortgage or the 2nd. We were told we didn’t need to do that by our lawyer, with that said we are able to keep the monthly payments going strong on the first mortgage, but what if I can only pay 1/2 of the what the 2nd mortgage payment use to be? I have no idea how this works but we don’t want to lose our house over not knowing.
Posted: Fri Nov 14, 2008 12:06 am Post subject: also
Our 2nd mortgage with beneficial is not showing up on my husband or i's credit report by chase identity protection?? Why is it not there? should i worry, do i continue trying to pay what i can?
I am quite surprised how the lender is accepting the payments as you have not signed the reaffirmation agreement. I think you should check with the lender once again.
If there is a reaffirmation agreement between you and the lender and if both the mortgages are with the same lender, then the lender may charge off the loan to a collection agency. This agency will then collect the debts from you.
If the loans are with different lenders, in that case, I don't think the lender will foreclose your property. The second lender will also charge off because you have already filed a Chapter 7 bankruptcy.
As the credit report is not showing the 2nd mortgage, I think you should speak to your second mortgage lender. I think he is not reporting it to the credit bureau. You may fall in trouble due to this. Its better to have a word with the lender.
Posted: Fri Nov 14, 2008 12:18 am Post subject: reply
thanks for replying back so soon, one of my loans were sold to a new lender and the other 2nd mortgage is with beneficial, I dont get statements in the mail from beneficial, but I continue making a payment to them every month and have not skipped one during the whole process with the bkrptcy. I've never fallen behind on any mortgage. However this next month with christmas it will be very hard to pay the 2nd mtg.
I just dont want to lose my house and not sure where I stand with them, I guess I should call, but i'm scared.
Don't be scared. You should be brave and try to fight out the situation. You should immediately contact the lender and ask them as to why they are not reporting it to the credit bureau and not sending you the statements. If they are not ready to answer your query, then I think you should directly contact with the credit bureau.
kntwaltz
