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    Heidifriend's Avatar
    Heidifriend Posts: 1, Reputation: 1
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    #1

    May 17, 2012, 05:31 PM
    I filed chapter 7 bankruptcy, what can my 2nd mortgage company do if I stop paying it
    We filed chapter 7 bankruptcy in 2010. Our first mortgage is $190k, our 2nd is $90k. We didn't reaffirm our 2nd mortgage. We want to keep our house. We're not eligible for chapter 13 for another 3 years and by then our house value will probably increase and we won't be eligible for chapter 13. We're 7 months behind on our 2nd and current on our first. What options do we have? We don't have money to catch up on the 2nd. Please help. I don't want to lose my home.
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
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    #2

    May 17, 2012, 06:11 PM
    Quote Originally Posted by Heidifriend View Post
    We filed chapter 7 bankruptcy in 2010. Our first mortgage is $190k, our 2nd is $90k. We didn't reaffirm our 2nd mortgage. We want to keep our house. We're not eligible for chapter 13 for another 3 years and by then our house value will probably increase and we won't be eligible for chapter 13. We're 7 months behind on our 2nd and current on our first. What options do we have? We don't have money to catch up on the 2nd. Please help. I don't want to lose my home.
    They can take your house...
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    May 17, 2012, 07:28 PM
    Start foreclosure

    You either reaffirmed or you included them ( and your house) in bankrutpcy.

    Or your bankruptcy was improperly showed final and all of your debtors could have a reason to come back after you and challenge the bankrutpcy on procedure issues.

    But if they were included in the bankruptcy, they can ask the house be sold by bankruptcy court.

    If they were affirmed, or not listed in bankruptcy, they may start foreclosure to have the house sold.
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