After chapter 7 bankruptcy, I often advise my clients, just don’t pay the second mortgage. Now, if you don’t file bankruptcy and stop paying the second mortgage, two things would happen. They will call you day and night; and eventually they would sue you and garnish you.
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A "home equity line of credit" or "HELOC", is a junior or subordinate mortgage and lien to a primary. That means it has secondary or lesser priority than the first mortgage, but, it is still tied to the property. The Chapter 7 bankruptcy terminates your liability on the primary and the HELOC.
Question: I received my discharge from Chapter 7 Bankruptcy on January 18 but did not reaffirm my 1st and 2nd mortgage; I am current on both mortgages at this time. The home is worth $120,000 (Zillow.com).The 1st Mortgage balance is $138,000 and the 2nd Mortgage is $54,400. What happens if I stop making payments on [.]
ASK LEON Bankruptcy expert Leon Bayer answers real-life questions. Dear Leon, I filed bankruptcy in 2009. One of the debts discharged in the bankruptcy was a mortgage with Wells Fargo. Upon the advice of my lawyer, I did not reaffirm the mortgage in the bankruptcy. I kept my house, and I have stayed current on my mortgage.
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Getting a mortgage after bankruptcy can be a challenge, but it’s not impossible. Many lenders have established guidelines for underwriting home loans for borrowers who’ve emerged from bankruptcy, completed a waiting period, and otherwise met certain eligibility requirements.
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Chapter 7 and Your 2nd Mortgage Updated on June 13th, 2018. While it is true that you may be able to strip these off of your home in a Chapter 13 , in a Chapter 7, you may still be able to effectively ignore it (for a while) and keep your home.
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Although you’ve filed for bankruptcy, it is still possible to keep your home despite having a second mortgage on the property. You can enter into a reaffirmation agreement with the lender. By doing so, you agree to remain liable for debts secured by the property. However, you have to stay current and continue.