Posted on: 07th May, 2010 09:52 am
WE MODIFIED OUR FIRST, BUT HAVENOT PAID 2ND MORTGAGE IN 9 MONTHS..WE OWE 430,000 ON FIRST ,,78,000 ON 2ND..HOUSE ONLY WORTH 330,000.WE CANT AFFORD THR 2ND..WE ARE CURRENTLY TALKING WITH LAWYER ABOUT CH 13..WE QUALIFY FOR 13 OR A 7...WILL B OF A EVENTUALLY SEND TO COLLECTIONS OR TRY TO FORECLOSE?
Hi THOLGUIN,
If you file bankruptcy, then the lender will not be able to come after you for the dues. The court will issue an automatic stay on all your creditors. If you file Chapter 13, you will get a repayment plan to pay off the dues. If you are filing Chapter 7, then you will have to reaffirm both the loans and pay off the dues. This will help you in saving the property.
Thanks
If you file bankruptcy, then the lender will not be able to come after you for the dues. The court will issue an automatic stay on all your creditors. If you file Chapter 13, you will get a repayment plan to pay off the dues. If you are filing Chapter 7, then you will have to reaffirm both the loans and pay off the dues. This will help you in saving the property.
Thanks
what if i do not do bk..and let the 2nd ride....im upside down approx 215,000 on the house..would they eventually send to collections???
hi tif,
if you do not file bankruptcy and also do not pay the second mortgage dues to your lender, then he will have the rights to send your mortgage to a collection agency. they will in turn contact you and ask for the payment.
take care.
if you do not file bankruptcy and also do not pay the second mortgage dues to your lender, then he will have the rights to send your mortgage to a collection agency. they will in turn contact you and ask for the payment.
take care.