Posted on: 31st Jan, 2010 05:53 pm
My house is worth @$150,000. I owe 160,000 on the first 40,000 on the second.If I stop paying the second what can they do [I filed chapter 7 and did not reaffirm either loan,but so far I have been paying both on time]I will probably walk away from the property in a few years so paying the second is probably awate of money
hi qazpl,
did you get discharge from bankruptcy chapter 7? if you did, then you are no longer liable to make payments on the mortgages. however, the lien is still there on the property and if you do not pay the second mortgage, your lender can foreclose on your property. however, given the low value of the property, it is unlikely if your lender would pursue foreclosure. if you stop payments on the second mortgage your credit will not be affected, provided the mortgage debt has been discharged through bankruptcy.
did you get discharge from bankruptcy chapter 7? if you did, then you are no longer liable to make payments on the mortgages. however, the lien is still there on the property and if you do not pay the second mortgage, your lender can foreclose on your property. however, given the low value of the property, it is unlikely if your lender would pursue foreclosure. if you stop payments on the second mortgage your credit will not be affected, provided the mortgage debt has been discharged through bankruptcy.