Ch 7 and second mortgage
Chase (2nd) has the absolute right to enforce the lien. It (or i
Chase (2nd) has the absolute right to enforce the lien. It (or its assignee) has the right to foreclose. You, yourself, admit that there is some equity in the property after consideration of the 1st ($70k). It could foreclose, pay off the 1st and pocket the difference. Will it (or its assignee) enforce that right is another story. The lien, however, passed through your bk unaffected. If Chase (or its assignee) does not exercise its right to foreclose, if and when you try to sell the property, unless Chase (or its assignee) has released the lien, you will have to pay the full amount due or cut some deal like a short sale.
[SIZE=2][/SIZE]Chase (or its assignee) cannot sue you for $$$. The underlying debt (promissory note) was discharged. If you are sued you have an absolute defense (discharged in bankruptcy).
Des.
So what about a chapter 13? I have been reading a bit about fili
So what about a chapter 13? I have been reading a bit about filing a chapter 13 now since my first is reaffirmed and my second is not. This would let me strip the second?
In response to: "So what about a chapter 13. . .This would let
In response to:
"So what about a chapter 13. . .This would let me strip the second?"
You cannot strip off a 2nd if there is even 1cent of equity after consideration of the 1st if the property is your principal residence - so, "no" a Chapter 13 will not help you.
Des.
But a chapter 13 WILL help if there is negative equity. If you o
But a chapter 13 WILL help if there is negative equity. If you owe more on the first mortgage than what the home is worth the second/home equity loan is stripped in a Chapter 13 bankruptcy.