Posted on: 18th May, 2008 09:30 am
What will happen if I stop paying my 2nd mtg, after my bankruptcy? We had our bankruptcy released late last year which includes our 1st & 2nd mortgage. We filed due to a failed business and vacated real estate rentals. However, we want to keep the house we live in because our credit is shot and will not qualify even for a small house. The questions is, can we stop making payments to the 2nd mtg given that it was already included in the bankruptcy?
hi cruisehaven,
welcome to the forum.
did you file chapter-13 bankruptcy? see you should not stop making payments of second mortgage. second mortgage is also a secured loan which is backed by your property. so the lender can foreclose.
if you have any problem regarding making the monthly payments then talk with the lender and find out if he can provide any solution for it.
fell free to ask if you have any further questions.
best of luck,
larry
welcome to the forum.
did you file chapter-13 bankruptcy? see you should not stop making payments of second mortgage. second mortgage is also a secured loan which is backed by your property. so the lender can foreclose.
if you have any problem regarding making the monthly payments then talk with the lender and find out if he can provide any solution for it.
fell free to ask if you have any further questions.
best of luck,
larry
Welcome cruisehaven,
Agree with Larry that 2nd mortgage is a secured loan, so the lender has the right to foreclose.
As Larry has noted if you filed bankruptcy chapter 13, then you will be paying it according to a repayment plan which should be affordable for you. So why would you stop the second mortgage payments?
Agree with Larry that 2nd mortgage is a secured loan, so the lender has the right to foreclose.
As Larry has noted if you filed bankruptcy chapter 13, then you will be paying it according to a repayment plan which should be affordable for you. So why would you stop the second mortgage payments?
i have a first mortgage of 535,000 and a second mortgage of 250,000 the value of my home has gone down to 580,000. i can not refinance and the second will not modify the loan it is an adjustable that can increase upto 18% will a chaper 13 eliminate part of the second that has no equity?
Hi realtorsold!
Welcome to forums!
As far as I know, Chapter 13 will not eliminate your debt fully. The lender will give you an alternative payment plan to pay off the dues within 3-5 years.
Sussane
Welcome to forums!
As far as I know, Chapter 13 will not eliminate your debt fully. The lender will give you an alternative payment plan to pay off the dues within 3-5 years.
Sussane