Posted on: 07th Sep, 2009 06:26 pm
My husband and i filed bankruptcy 10yrs ago we reaffirmed our 1st mortgage(hsbc)
but not or 2nd( beneficial), my husband lost his job 1 yr ago this month and i cant not pay both mortagage payments, i havent payed the second since april. what might happen?
but not or 2nd( beneficial), my husband lost his job 1 yr ago this month and i cant not pay both mortagage payments, i havent payed the second since april. what might happen?
welcome nyjobloss,
as you did not reaffirm the second mortgage, you are not personally liable to pay it to the lender. however, the lender still holds the lien on the property. i would suggest you to speak to your second lender and check out if you can get a payment plan to pay off the second mortgage dues. you may even request the lender for forgiving the dues. however, it would be the lender's discretion whether or not he would forgive it.
as you did not reaffirm the second mortgage, you are not personally liable to pay it to the lender. however, the lender still holds the lien on the property. i would suggest you to speak to your second lender and check out if you can get a payment plan to pay off the second mortgage dues. you may even request the lender for forgiving the dues. however, it would be the lender's discretion whether or not he would forgive it.
nyjobloss
second lender will not go for foreclosure on alone without the consent of the first lender and thus I will advice you to write a hardship letter to your second lender and thus get modification of the installments as well as term of the loans.
second lender will not go for foreclosure on alone without the consent of the first lender and thus I will advice you to write a hardship letter to your second lender and thus get modification of the installments as well as term of the loans.
