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If you have a second mortgage and filed chapter 7 what is your obligation to the second mortgage?
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.
Can a second mortgage foreclose without letting the first mortgage know?
The only way would be for the 2nd mortgage holder to "buy out" or "pay off" the 1st mortgage holder. Even then, I believe most states require that the 1st mortgage holder receive notification.
Do you have to pay creditors after you refinanced your mortgage chapter 7?
yes
What is subordinate second mortgage?
Deeds of Trust (mortgages) have a position on title based on seniority (1st, 2nd, 3rd). So if a new 1st mortgage wants to go into first position in a refinance transaction but there is already a 2nd mortgage, they must ask the 2nd mortgage to allow them to go ahead of them on title. The 2nd mortgage lender will review the proposed loan, and either approve or deny the request. This is most common when a borrower wants to retain the terms of the 2nd mortgage or they do not have enough equity to borrow a sufficient amount in the new loan to pay off the 2nd mortgage.
Owe 65 thousand to first mortgage 40 thousand to second mortgage but second mortgage is foreclosing how will first mortgage get there money?
In foreclosure proceedings the 1st mortgage gets their money first. Either the 2nd mortgage will have to buy the 1st mortgage entirely and then sell your house or they will have to hope that whoever buys the mortgage at auction, will bid enough to pay them off.
Will filing chapter 7 save a home?
No. You still have to pay the mortgage.
Do you have to pay off mortgage arrears prior to chapter 7 filing?
no
Do you have too pay any of the mortgage back after a chapter 7 bankruptcy?
no you dont have to
Can a first mortgage foreclose with a second?
Yes. The second is subordinate to the first mortgage and therefore is at greater risk. If equity exists, the 2nd mortgage holder may receive payment for the debt when a senior lender forecloses. If there is not, then their lien on the property is wiped out and they must pursue the borrower in another fashion (such as a lawsuit). If the 2nd mortgage lender does not want the 1st lender to foreclose, they may choose to pay the 1st mortgage current before the foreclosure proceeds and attempt to collect or foreclose themselves.
Can you include your home mortgage in a chapter 7 bankruptcy and still own it and pay the mortgage?
Yes, you can include your home mortgage in a Chapter 7 bankruptcy, but doing so does not eliminate your obligation to pay the mortgage. If you want to keep your home, you must continue making mortgage payments. Chapter 7 bankruptcy can discharge unsecured debts, but secured debts like mortgages remain intact unless you choose to surrender the property. It's important to understand the implications and seek legal advice if considering this option.
Is it possible to get a home equity loan while paying chapter 13?
No you can not get a home equity line of credit but you can refinance and pay off the chapter 13 with the new mortgage.
I am not on the 1st mortgage loan but I co-signed a loan for the second mortgage The 1st mortgage lender is foreclosing If I stay current on the second will my credit show a foreclosure?
the second mortgage is based on the house as collateral. If the house is gone, the bill is due. It is not an unsecured line of credit. When the house goes the 2nd has to be paid in full or it will count against you. The only way around this is to get another line of credit/cash somewhere and pay it in full.
