Chapter 7, I made last year … This means, in my second mortgage is cleared?

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Since I do not have to pay more for ever? I keep the house and pay my first mortgage up to date. I can not get another loan on my bills more … Recently we have received their first loan modification … 2.5% fixed for 30 years. So we keep our house. I just want to know what is the result of our bankruptcy, the second loan will not pay us more if we decide to sell the house in the future (perhaps 10-20 years). Thank you for your time!

1 Comment
  1. Reply
    Tom C
    February 5, 2011 at 7:58 pm

    Mortgage notes, whether first mortgages or second mortgages, are not discharged in bankruptcy because the note is secured by the house as collateral. If you go into default on your second mortgage the institution/individual that holds the mortgage can initiate foreclosure proceedings.

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