If I am current on my first mortgage which is 187,000, and I am 6 mo. behind on my second, and I have a discharge on my bankruptcy, can the second

Asked by Ginainca, Stockton, CA Wed Feb 10, 2010

lien holder foreclose. And will the first agree to a sale if I am current with them?

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Randy Elliott, Agent, Lodi, CA
Wed Feb 10, 2010
Yes, the 2nd can foreclose, but why would they want to? If they did, they'd have to start paying the 1st mortgage, or sell the home. Neither options would be in their best interest. Especially in this market.

What is the discharge you referred to? Is it the 2nd? If so, then they are discharged, right?

Of course, your best bet would be to run this by your bankruptcy atty.

Good luck,
1 vote
Keith Manson-…, , Milwaukee, WI
Thu Feb 11, 2010
The question will be what the value on the property and what is the second mortgage amount due. It is not typical but a second can foreclose, if the property is worth more than $187,000 and become the owner subject to the first mortgage. I assumed that when you got a chapter 7 discharged, you discharged the debt on the first and second.

The first does not have to agree to anything,it will only depend how the second wants to address the situation.

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee

0 votes
blaison samu…, Agent, Santa Clara, CA
Wed Feb 10, 2010
If you are behind on your second, then they might charge off the account and send it to the collection agency to collect the balance amount + any fees from you. Now, the question, are you still having hardship? If you still cannot afford to pay both the loan payments then you can try to do short sale.

As other suggested, always consult with your attorney for any legal questions. Let me know if you have any questions in short sale.

Certified Short Sale Specialist
0 votes
John & Sarena…, , California
Wed Feb 10, 2010
Yes The second can foreclose on you but i would speak with your attorney who handled your BK to see what options you have regarding this issue.

John & Sarena Villaescusa
Keller Williams Realty
Cell: 562-818-2671
Email: Johnv@kw.com
Website: http://www.VGroupHomes.com
Web Reference:  http://www.VGroupHomes.com
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