Posted on: 20th Mar, 2010 08:29 am
I need some advice , please . We are having a hard time understanding what is going on... During the process of bk7 last year we wanted to keep the house in order to eliminate the foreclosure. We worked with the bank and got a good deal for smaller payments for longer time 30 years instead of 15. On this house we had a second loan mortgage with the same bank, and the lender let us understand that the 2nd loan was eliminated due to the discharge in BK7. Now, AFTER A YEAR THE LENDER SOLD THE 2ND LOAN TO A COLLECTION AGENCY and they keep sending letters informing that we still have to pay that loan . We work very hard is very tough after bankruptcy with no credit we saved the house from foreclosure we lost everything from the business... after a discharge in bankruptcy those collectors have the right to contact us with nasty letters and all the phone calls ? Why the bank sold the 2nd loan to collection agency after they received the discharge from our attorney . At THIS TIME THE VALUE ON THE HOUSE IS WHAT WE OWE ON THE 1ST MORTGAGE LOAN . Any advice , please ...
Hi johnny,
If the loan has been discharged by the bankruptcy court, then the lender will not be able to send that loan to collections. I would suggest you to speak to your bankruptcy attorney in this regard and take his opinion. He would be able to let you know what steps you need to take in this regard.
If the loan has been discharged by the bankruptcy court, then the lender will not be able to send that loan to collections. I would suggest you to speak to your bankruptcy attorney in this regard and take his opinion. He would be able to let you know what steps you need to take in this regard.