Posted on: 05th Jan, 2010 11:01 am
if mortgage loan is liquidated in a chapter 7, can the banks come after you on a 2nd or 3rd mortgage, when you are paying the 1st?
I have heard that after a period of 10 yrs there's a 'automatic release of lien' is this true?
I have heard that after a period of 10 yrs there's a 'automatic release of lien' is this true?
Liens can't be stripped off in case of Chapter 7. Thus, you'll have to pay off the dues to your 2nd or 3rd mortgage company. I do not know much about automatic release of lien but you should note that bankruptcy filing will remain in your credit report for the next 10 years. After this time period, the bankruptcy would be removed from your credit report.