Foreclosure And 2nd Mortgage
I am wandering if anyone here knows exactly how a 5000 2nd mortgage thats 6 months old can have the house foreclosed on even if the first mortgage is current. And if we file bankruptcy CH 7 how would that effect the 5000 2nd mortgage claimed in it? Thank for any kind of help. :-?
That second mortgage is a lien and it still acts under the same rules as the first. Second of all it's going to kill your credit scores filing that in the Chapter 7.
Trust me i see it all the time people , cause then it's still a lein even if you get it dismissed you have to get it released> :-(
IN CA, any Trust Deed can be forclosed on for the following reasons:
1. Not paid timely.
2. Senior loan not paid timely.
3. Unpaid taxes.
4. Unpaid Insurance.
5. Wasting of property.
File Ch.7 and forclosure will get stalled (for a while) They may petition to remove it from BK (Usually granted) or just wait for BK to end. Either way they can continue where they left off (don't need to start all over).
Your state may be different. Best bet if you have any equity you want to save, is to get current, Refi or sell.
First I want to say thank you for getting back to me so quick. I am so confused on all this due to they put a piece of paper with my signature on it to a 7 page 2nd mortgage and filed it at the county court house. I have an attorney but they dont say much... I bought this house from the actual mortgage company here in OHIO, it was there house they lived in and they sold it to me and my fiance and 3 babies. They did alot of fraud and suspiscious things to us and said they wanted there closing costs back that they said they paid for, come to find out it was in with my mortgage already, but anyways I signed the paper saying I would pay them 5000 they wanted double back cause they said they did not make much on the selling of the house and I was 9 month pregnant stupid and signed it thinking I was going to get all of it at tax time, they said at that time if I did not get all the 5000 I could make payments but now that we are currently wanting to take them to court for not getting out of the house on time and harassment and almost running me over and ripping a gas fireplace out and also falsifying the appraisal they came and said I owed a 2md mortgage that I had no copy of and brought it to me and that they will foreclose on us in 4 days if I dont have all 5000. Which no way I can get it. So I dont know what to do. Attorney said let them file foreclosure and then we will stop it in its tracks and counterclaim but I dont want to even take that chance and have that even started and on my credit report. So I thought bankruptcy since I do have alot of medical and thats it and this 5000 hanging over my head. SOOOO CONFUSED and I cant believe I got conned so badly. :-(