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If you don't pay the 2nd mortgage the lender will take the house. It is a secured loan so, meaning that they get something in return for lending you the money. If you don't pay back the money, they get the house.

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โˆ™ 2006-03-15 16:21:41
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Q: If you have a second mortgage and filed chapter 7 what is your obligation to the second mortgage?
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Filed chapter 7 bankruptcy is second mortgage gone?

If you are keeping your house and you have a first and a second, your second will not go away. If you are letting your house go, then the first and second will go. If your house is more than or equal to your first mortgage and you file a chapter 13, then your second will be "gone" in the end.


Can you obtain a mortgage after filing Chapter 7 if you just filed chapter 7 in December 2005 and are moving and your wife has good credit and can you both be put on the mortgage?

yes you can !i know from experience that you can the day you leave the courthouse!!!!!!


How hard is it to get a mortgage after chapter 13 discharge?

If you have just filed bankruptcy, you will not be barred from ever obtaining a mortgage loan; however, you will not be able to get one immediately. When you can get a mortgage after bankruptcy will depend upon the type of loan you want, the type of bankruptcy you filed, and how good your credit is at the time you want the loan.


Can mortgage arrears be put in chapter 7?

No, that can only occur in a chapter 13. If you filed a chapter 7, a lender would be able to get relief from stay (i.e. would still be able to foreclose on you)


Can a chapter 7 be filed with an open chapter 13?

A Chapter 7 can be filed with an open Chapter 13.


You are a cosigner and the debtor has filed chapter 13 what happens to your obligation?

You are protected during the term of his bankruptcy. If he does not resolve the debt under it, you will remain responsible.


If you had a foreclosure two years ago and filed a chapter 13 bankruptcy last year that was dismissed when will you be able to get a new mortgage?

In theory you can get a new mortgage anytime, but it is going to be more dependent on your credit score, how much equity you have, and your mortgage payment history over the past 12-months. Your grading will be determined by how long ago you filed the BK and how long ago the foreclosure was filed, but you should be able to qualify for a new mortgage loan.


Can you file chapter 13 bankruptcy after you have filed a chapter 7 in Indiana?

A chapter 13 bankruptcy can be filed if it has been at least 4 years from the date of the discharge of a chapter 7. Nonsense. You can file a chapter 13 the day after the 7 is closed. You may not be eligible for a discharge, but the point of doing a "chapter 20" is usually to dump the unsecured debt in the 7 and use the 13 to get caught up on the mortgage, for which no discharge is necessary.


If you filed chapter 13 bankruptcy 9 years ago will it come out if you apply for a mortgage loan?

of course it will, BKs are on a credit report for 10 years


Can I file a satisfaction of mortgage at any branch of the registry of deeds?

There are different systems of land records. Some are filed by town and some by county. You must be sure to file the mortgage release in the same registry district where the mortgage was filed. For example, if your mortgage was filed in Franklin County, Massachusetts, the satisfaction must be filed in Franklin County.


What is the statute of limitations on a mortgage payment in Georgia if it's a second mortgage and payment hasn't been made in 5 years?

The mortgage company will have filed a lien against the property in the loan documents. It will have to be resolved when the property is sold.


Can you get a mortgage loan after chapter7?

Cn you get a mortgage loan for ahome if you filed chapter7?


If someone files chapter 13 in 2004 can chapter 7 now be filed?

if you filed chapter 13 and it was discharged in 2005 can you file chapter 7 in 2009


If you file bankrupsy will you be able to get a home mortgage?

can i get a mortgage if i filed bankrupsy a year ago


What companies have filed chapter 11?

company wrote a check can i cash this before company filed chapter 11


How many years before you can file chapter 7 a second time if you filed before deadline of October 2005?

8 years between chapter 7 BKs.


Can someone co sign a mortgage if they have filed bankruptcy?

no


Has testa corp filed chapter 11?

Chapter 11 is a type of bankruptcy that can be filed by both businesses and people. Testa Corp filed bankruptcy on October 11, 2013.


You went through chapter 7 2 years ago and found your 2nd mortgate listed on your credit report as discharges and included in bankruptcy 0 balance what does this mean?

It may mean the credit report is in error. It may mean there was no equity supporting the second mortgage and your lawyer filed a motion to "strip" it down (especially if it was before the 2007 changes took effect). It may mean you do not owe the second mortgage any more. It is unclear if the credit report is a new one, and you don't say if you've been paying the second mortgage since then.


Can you convert a chapter 13 to a chapter 7?

can i convert my chapter 13 to a chapter 7 if i filed a chapter 7 in 2005


How can a civil judgment be placed after bankruptcy Mortgage included in bankruptcy and after discharge bank filed civil judgment for amount of mortgage Can they do thid?

Assuming a Chapter 7 was filed, if you did not surrender the property to the bank, the bank would file for relief from stay and be able to pursue foreclosure. If you surrendered the property, the mortgage balance was discharged and the bank was in violation of the automatic stay. A notice of the bankruptcy should have been filed with the court the bank sued you in. You cannot ignore legal procedures taken against you after a discharge. You have to respond appropriately.


If one person has a first mortgage on one property can another person have a first mortgage on the same property?

no. whichever mortgage was filed first with the local county clerk is the first mortgage on the property. any other mortgage would be subordinate in priority, and the priority is established by the date on which the mortgages are filed in the county clerks office


Can a cosigner acquire foreclosed business property after the borrower files bankruptcy?

You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.


Can you declare bankruptcy now that your first bankruptcy is discharged?

It depends on the chapter you filed under. If you filed under Chapter 7, you have to wait 8 years before filing again. If you filed under Chapter 13, you only have to wait four years.


If you filed bankruptcy last month when are you eligible to file bankruptcy again?

A Chapter 7 can be filed again eight (8) years after the discharge. A Chapter 13, can be filed four (4) years after the discharge of a Chapter 7, 11 or 12; and two (2) years after the discharge of a previous Chapter 13.