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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 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 [url=http://www.mortgagefit.com/refinance.html]refinance[/url] 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's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi kntwaltz!

Have you included your mortgage debts in [url=http://www.mortgagefit.com/bankruptcy/chapter7.html]Chapter 7 bankruptcy[/url]? You have mentioned that you were never late or you never missed payments.

I don't think you should stop making payments towards the [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url]. 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.

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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?

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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?

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

"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.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

In a charge off, the lender is not bothered to collect the mortgage dues from you and thus he has sold off your mortgage to a collection agency. This collection agency will in turn collect the dues from you.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my husband is the mortgage holder i did not sign the house has gone in forclosure 4 days ago, what happens to me the wife i'm responsible for that debt do i have to leave the house will i get kicked out???

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome mary,

If your name is not on the mortgage, then you will not be affected by the foreclosure. But you will have to move out of the property once the foreclosure sale is complete.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We owe $650,000 on 1st and $140,000 on 2nd. This makes us upside down on home. Probably worth $750,000. for sale for around 15 months. Hardly any showings. Have made payments on time but that will not be able to continue. Should we just try to pay on first, or what can we do?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Debra!

Welcome to forums!

If you stop making payments on the [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url], the second lender will have the right to foreclose the property. However, if the second lender forecloses the property, he will have to satisfy the first lender. So in most cases, the second lender do not foreclose the property. Rather they may charge off the loan to a third party collection agency.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am making payments on time on both the 1st and 2nd mortagages after bankruptcy but did not reaffirm them. If we are late on a payment can they do anything? I'm just concerned if we ever had to make one late they could take the house. Is that the case? Or will they accept a late payment? I'm not talking a 2 months late or anything. Just over 30 days late.

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Dianne,

As you did not reaffirm the loan, you are not personally liable to pay off the debts. I don't think the lender would do anything if you are late on your payments for a month or so.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband lost his job and we had to file chapter 13 last August. We are no longer in our home because it was to be surrendered in the bk. It is scheduled to go up for sheriff's sale in May. Our first mortgage co. is sending us a loan modification and swears that the second mortgage has been discharged. Our attorney tells us that nothing is discharged until after the five years of the chapter 13 have gone by and feels that at that time the second lien holder may forclose on the house if we don't make the payments. The first and second lien are held by the same mortgage company but they seem to be unable to coordinate a loan modification for both mortgages. The loan modification on the first mortgage is very tempting because we can afford it and then we could return to the house we love. It is the only thing that we have left to really call our own. Does the second mortgage ever really get discharged? Will we have to pay on the second mortgage during the five years of bk? Even though it says it is "discharged" on our credit report, the lien still exists, right? Please help us! We just can't seem to trust the mortgage company because they are telling us that we will only have to pay the first mortgage amount. Who has the answers that we need?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi gensi,

As both the mortgages are owned by the same lender, there is a chance that the lender would forgive your second loan. Yes, you are correct that the lien still exists. I would suggest you to speak to your lender and clarify things first. May be you can ask the lender for a written document stating that they would not charge you for the second loan.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a second mortgage with HSBC the interst rate is very high 11% my first is about 5.75 Right now I am not late but I ccant pay my credit cards and I dont know what to do.

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catharin9's picture
catharin9 | Joined: July 14, 2009 09:41 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

As your situation i will suggest you should pay off second mortgage

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi cath!

Welcome to forums!

As you are not delinquent on your mortgage payments, you should apply for a [url=http://www.mortgagefit.com/refinance.html]refinance[/url] and check out if the lender accepts it. If the lender accepts it, you would be able to refinance both the mortgages into one single mortgage at a lower rate. Thus, it would become easier for you to pay off the loan.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Our [url=http://www.mortgagefit.com/bankruptcy/chapter7.html]chapter 7 bankruptcy[/url] was discharged 2 yrs ago. We have a 1sr and 2nd mortgage. 2nd is with citi. Never missed a payment. Started sending extra for the principal. They have started misapplying our payments. we keep getting statements from Citi saying "this is not a bill." based on all of the facts above, do we have to keep paying Citi or can we stop making payments?

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Did you reaffirm the loans while you filed Chapter 7? If not, then you're not personally liable for paying the mortgage dues. However, the lender still holds the lien on the property and can foreclose it to recover the dues if you stop paying. If you've reaffirmed the loan, then you are personally liable to pay off the dues.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If we have a home worth 230 and a first for 190K and a 2nd for 28K. If we dont pay the second can the start foreclosure. We purchased the house for 135 less than 5 years ago but did some work. We do not live in a desireable area. I would think if an appraisal was don today it would say our home is worth 180K. This whole Obama new mortgage program is a joke. I have tried and tried to workwith our 1st mortgage company which is a fixed 30 yr at 9%. Our second is at like 14%. Our income and credit are in the drink. I cant see them paying off ASC for 190K to collect 28K. FYI being self employed was great the last 7 years. Now it sucks. Can't prove I make enough to redo our mortgage.

[size=9:bdc48657ca][color=Red:bdc48657ca][Email address deleted as per forum rules. Thanks.][/color:bdc48657ca][/size:bdc48657ca]

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Pittirish,

If you do not pay the second loan, the lender will have the rights to foreclose the property. However, in that case, he will have to satisfy the first mortgage. Second mortgage lenders do not generally foreclose the property, they can charge off the loan and send it to collections.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i need help

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hey annz,

What type of help are you looking for? If you are facing issues regarding your mortgage, you may post your question in details in the forum and the experts/members participating here may help with their suggestions.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am in [url=http://www.mortgagefit.com/bankruptcy/chapter13.html]Chapter 13 Bankruptcy[/url]. My house is not included in the bankruptcy but the arreage is. My bankruptcy payments are not late but I am going to be 38 day late on my mortgage payment. Can they request a lift of the automatic payment(My december payment won't be made until Jan 8 and my Jan payment on Jan 22)

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jill,

As you will be late on your payments, the lender can request for a lift of the automatic stay. Thus, your bankruptcy may get dismissed and the property would be foreclosed by the lender. I would suggest you to contact your lender and inform him that you would be late in paying your dues. Check out what he has to say in this regard. May be he can consider your case and does not lift the automatic stay.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,
My husband and I have not made our payments on our 1st or 2nd for 9 months. We moved out of the house right away because our realtor had a buyer. Our mortgage co. so far have not put anything in writing stating that they will not come after us for the second, if they wont sign off on this we would really like to get our home back, and file a chapter 13 and have everything included. all our credit is maxed, we were using it to keep our house payments currant. Should we now go see a bank ruptsy attorny or is it too late?

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Tina,

If the property is already sold off at a foreclosure auction, then it won't make sense in visiting a bankruptcy attorney. However, if you still have the property in your name, then you may file Chapter 13 bankruptcy and get a repayment plan to pay off your dues. Before [url=http://www.mortgagefit.com/know-how/filebankruptcy.html]filing bankruptcy[/url], you should contact a bankruptcy attorney and take his suggestions in this regard.

Take care

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my question is we currently have 1st and 2nd mortage's on our home we then went to speak to a bankrutcy attorney about filing for either chapter's our concern is we don't want to lose our home! we can't afford the 2nd mortage can we lose our temporay modification if we file for chapter 13 th

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

I don't think you would lose your temporary modification if you file for Chapter 13. However, if your temporary modification have not been accepted by the lender, then he may put a stop on it if you file bankruptcy. With the help of chapter 13, you would be able to strip off your second lien if there is no equity in your property.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

After filling bankcruptcy i missed 2 month payment of my morgage

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi lama koroma,

What type of bankruptcy did you file? If you filed Chapter 13 and missed the payments that you were supposed to pay as per your payment plan, then there are high chances that your bankruptcy filing will be dismissed.

Take care.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My Chapter7 has been discharged. I am keeping my house and I am current on both mortgages. Do I still need to pay the [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url] ?

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Have you reaffirmed your second mortgage? If not, then you are not personally liable for paying the second mortgage dues.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My spouse is filing due to bad business,illness. I am not on any of the debt.
We are both on the mortgage,but the house was quit-claimed 6 yrs ago to me only. I'm scared. Please explain why we are being advised to reaffirm the mtg. It is his debt and I am not an owner of the debt or the business

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi scarlet,

Has your spouse included the mortgage in his bankruptcy filing? If yes, then he will have to reaffirm it to save the property from being foreclosed upon by the lender. If he is not including the mortgage in his bankruptcy, then you can [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the mortgage and transfer it in your name provided you've equity in your property.

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