QUESTION
What is the worst that would happen if I stopped payments on second mortgage?
Asked on May 05th, 2013 on Foreclosures - California
More details to this question:
Mortgage was discharged in 2004 and have made all my mortgage payments. The home is worth less than what is owed on first mortgage.
3 ANSWERS
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The second can foreclose on the house, but they cannot sue you so long as you did not reaffirm the debt after bankruptcy.
Answered on May 08th, 2013 at 2:44 AM
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If fair market value is less than amount owed on first, through a ch. 13 bankruptcy plan you can probably get rid of the second.
Answered on May 08th, 2013 at 2:32 AM
It depends on many factors including whether it is a purchase money loan; chapter of bankruptcy; whether loan was scrapped.
Answered on May 08th, 2013 at 2:31 AM