Posted on: 22nd Feb, 2010 01:19 am
We filed chapter 13 in March 2008. We were paying on our 1st and 2nd outside of the plan. However, when our home value dropped we met with our attny to see if we could get rid of the 2nd mort (value @ $30K). Our attny told us to stop paying the 2nd and save that $$ for attny fees to see what we could do with the 2nd by going back to court. Well several months passed and we could not get the $$ saved and we had stopped making payments on our 2nd (but have always pd our 1st-value @ $220K). We started making our 2nd mort payments again about 4 mos ago-because we were scared something might happen to our house. I recently pulled our credit report and it shows our 2nd as charged-off. What does this mean to our house and bankruptcy situation? Our ch. 13 will not be discharged until 2/2013.
hi suchamess,
you are facing a tough situation. was your mortgage included in your chapter 13 filing? if yes, then you would get a payment plan to pay off the loan and do not have to pay them off separately. you should speak to your bankruptcy attorney in this regard and take his opinion.
as far as charge off is concerned, it means that your lender is not sure whether or not he would be able to recover the dues from you and has, thus, sent the account to collections. the collection agency will now contact you for the dues. if you do not pay the dues, the collection agency can sue you. to know more about second mortgage charge off, check out the given page:
http://www.mortgagefit.com/know-how/secondloanchargeoff.html
thanks
you are facing a tough situation. was your mortgage included in your chapter 13 filing? if yes, then you would get a payment plan to pay off the loan and do not have to pay them off separately. you should speak to your bankruptcy attorney in this regard and take his opinion.
as far as charge off is concerned, it means that your lender is not sure whether or not he would be able to recover the dues from you and has, thus, sent the account to collections. the collection agency will now contact you for the dues. if you do not pay the dues, the collection agency can sue you. to know more about second mortgage charge off, check out the given page:
http://www.mortgagefit.com/know-how/secondloanchargeoff.html
thanks