Unsecure Second Mortgage and chap 7 pro se .
Date: Tue, 10/19/2010 - 06:11
Greetings to you all!
I'm in the process of file for a chap7 but I have a second mortgage that I need stripped off as part of my filing. My first mortgage of 290k has been modified and I can afford to pay that one. MY 50k second mortgage has not been paid for over a year and is now totally unsecured and an attorney told be that I need to file a lawsuit as part of my chap 7 in order to get that second mortgage removed. Does that mean I have to include my second mortgage when I file and just continue to pay the first?
My house is now valued at around 260k, so my second trust is totally unsecured. Any advise on how to proceed would be greatly appreciated.
I'm in the process of file for a chap7 but I have a second mortgage that I need stripped off as part of my filing. My first mortgage of 290k has been modified and I can afford to pay that one. MY 50k second mortgage has not been paid for over a year and is now totally unsecured and an attorney told be that I need to file a lawsuit as part of my chap 7 in order to get that second mortgage removed. Does that mean I have to include my second mortgage when I file and just continue to pay the first?
My house is now valued at around 260k, so my second trust is totally unsecured. Any advise on how to proceed would be greatly appreciated.
There is NO published authority that allows you to strip off the
There is NO published authority that allows you to strip off the 2nd mortgage lien in a Chapter 7. You may be able to do this in a Chapter 13 or 11. If you file a Chapter 7 the underlying money debt will be discharged BUT the lien will pass through unaffected. If you fail to service the lien (voluntarily pay the loan), as stupid as it sounds, the 2nd has the right to foreclose. Will it? Your guess is as good as mine.