Obama's Economy

Foreclosure Concerns-1st Mortgage is Perfect-2nd is in default….interesting situatiuon?

I didn’t realize that my 2nd mortgage was not included in the Chpt 13 Bankruptcy filed 3 yrs ago. It was a stupid mistake on my part and I am going through a horrible situation because of it now. I haven’t heard from the mortage company since before the bankruptcy, 3 yrs ago, and had no reason not to think the loan ws not included, until out of the blue, I receive a phone call last week, demanding the balance in full. Imagine my surprise! I made a terrible mistake! I would have never let this happend had I realized. Anyway…regardless of that, I am left with a loan, with a major delinquency. It is in default and considered a delinquent mortgage. The loan is 35,000 , originally 27,500. and growing by the minute! I don’t know what to do! I don’t have the money anywhere, we are trying to rebuild credit, there are no alternatives for me that I can see. Can someone help me? Im so confused and absolutely scared to death. My 1st mortgage is in perfect standing. I welcome all comments!

contact the lawyer that did your bkrptcy. in most cases there is a clause in the pleadings that says “creditors known and unknown”. they do not have to be named specifically. the 2nd mortgage holder only has a certain amount of days to bring their claim to the court. chances are you have been contacted by a collection agency. a chapter 13 requires you to make pymts to the trustee. contact the trustee and find out if he has been sending pymts to them. the foreclosure process can take up to two years after they file. you have up to the day you receive the summons and notice of the hearing to get your ducks in a row. make sure you do not fail to answer any complaints served on you. the answer does not have to be any more than “defendant denies all complaints.” i would find out for sure who i was dealing with. if they force a foreclosure with a 1st mortgage having priority they won’t get any money and they will incur all the fees. they do not want to do that. if you find they do have a claim see if you can negotiate with them. DO NOT PANIC!!!! you have plenty of time to investigate to find the best option.

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