Posted on: 27th Nov, 2010 09:06 am
hi,
i have two mortgages on my home: 1st is $210k and 2nd is $50k. home value is $140k. two different banks.
first is fine. modified on october 2009 and current since november 2009.
second is the problem: was charged off in october 2009, then a "verbal" agreement (monthly payments of $100 instead the original $400) took place between myself and the bank. i paid under the agreement until october, 2010. november's check was not deposited and returned to me, with a weird message on it.
i got a discharge in bk ch.7 late september this year. first mortgage still being paid normally.
a new bank absorbed the old second mortgage holder and the agreement "died". when i go to the old lender's site, it shows zero balance, loan transferred. i called the new lender and they first said that the loan was paid in full. i asked for more info (since i did not pay anything in full), and, after getting my call transferred to many different departments, they say they have to wait on "updates" from the old lender. the "transference" took place two months ago, by the way --enough time for all "updates", right?
questions:
a. was my second mortgage discharged like my other unsecured debt?
b. will they try to "revive" the loan, now that i called and showed interest about what happened to my agreement?
c. can they foreclose on my home?
d. how will this mess appear on my credit report after my "post-bankruptcy" life begins showing?
note: the new second mortgage "holder" is the same bank we have on another property, which we couldn't keep and has actually been surrended in the bankruptcy process. is there any chance that the bank is "merging" (or confusing) both loans, in order to get some type of compensation for its losses?
thanks a million! nobody had answers for these questions, and i hope to find them all here.
regards,
f
i have two mortgages on my home: 1st is $210k and 2nd is $50k. home value is $140k. two different banks.
first is fine. modified on october 2009 and current since november 2009.
second is the problem: was charged off in october 2009, then a "verbal" agreement (monthly payments of $100 instead the original $400) took place between myself and the bank. i paid under the agreement until october, 2010. november's check was not deposited and returned to me, with a weird message on it.
i got a discharge in bk ch.7 late september this year. first mortgage still being paid normally.
a new bank absorbed the old second mortgage holder and the agreement "died". when i go to the old lender's site, it shows zero balance, loan transferred. i called the new lender and they first said that the loan was paid in full. i asked for more info (since i did not pay anything in full), and, after getting my call transferred to many different departments, they say they have to wait on "updates" from the old lender. the "transference" took place two months ago, by the way --enough time for all "updates", right?
questions:
a. was my second mortgage discharged like my other unsecured debt?
b. will they try to "revive" the loan, now that i called and showed interest about what happened to my agreement?
c. can they foreclose on my home?
d. how will this mess appear on my credit report after my "post-bankruptcy" life begins showing?
note: the new second mortgage "holder" is the same bank we have on another property, which we couldn't keep and has actually been surrended in the bankruptcy process. is there any chance that the bank is "merging" (or confusing) both loans, in order to get some type of compensation for its losses?
thanks a million! nobody had answers for these questions, and i hope to find them all here.
regards,
f
Welcome Secondmtg,
As the second mortgage was charged off, it would have been considered as an unsecured debt and it may have got discharged in your bankruptcy. You can contact your bankruptcy attorney and he will be able to help you in this matter. If the loan has been discharged, then the lender cannot come after you or foreclose the property.
As the second mortgage was charged off, it would have been considered as an unsecured debt and it may have got discharged in your bankruptcy. You can contact your bankruptcy attorney and he will be able to help you in this matter. If the loan has been discharged, then the lender cannot come after you or foreclose the property.
That's what I thought. Only thing is that now that I called they seem very interested in reinstate my loan, what I think is not legal. They first said zero balance, but now they say "in process of getting info from former lender". Well... the house value is much SMALLER than my first mortgage ($140 against $ 210), and I am making a real sacrifice to keep it instead of letting it go. If the charged off second comes after me, I simply can"t and won't pay. Thanks a million.