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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 18361
Experience:  B.A.; M.B.A.; J.D.
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I have 1st and 2nd lien on my property. I filed a bankruptcy

Customer Question

I have 1st and 2nd lien on my property. I filed a bankruptcy that was dismissed in 2012. The first mortgage has always been paid as agreed with no delinquencies and was reaffirmed with the first mortgage lienholder. However, the second mortgage lien has not been paid since January 2011. The property is located in the state of Georgia & there appears to be a statute of limitations of 6 years. I have tried repeatedly via mail to get the second lienholder to settle for a reasonable amount as I am still a bit upside down with the overall loans compared to the appraised value. I would like to look at filing a quiet title action once the statute of limitations has expired to remove the 2nd lien since the lienholder will have no recourse to pursue collection. Would you agree that this is a likely course of action that may be favorable for me? I can also provide documentation to the judge that I have attempted to contact the 2nd lienholder, suggested refinancing into a consolidated new first with a principal reduction to the existing second but have gotten no responses. What are your thoughts to the quiet title action?
JA: What state are you in? And has anything been officially filed?
Customer: Georgia...Filed as in my requests to the 2nd lienholder?
JA: Have you contacted the manufacturer?
Customer: manufacturer?
JA: Anything else you want the lawyer to know before I connect you?
Customer: No
Submitted: 5 months ago.
Category: Bankruptcy Law
Expert:  Phillips Esq. replied 5 months ago.

Hello: This isCustomer Welcome to JustAnswer! I am reviewing your post, and I will post my response very shortly. Thank you for your patience.

Expert:  Phillips Esq. replied 5 months ago.

Your Question:

Would you agree that this is a likely course of action that may be favorable for me?

Response 1: Regrettably, no.

I can also provide documentation to the judge that I have attempted to contact the 2nd lienholder, suggested refinancing into a consolidated new first with a principal reduction to the existing second but have gotten no responses. What are your thoughts to the quiet title action?

Response 2: Quiet title action would not be favorable to you. The Statute of Limitations on a debt deals with the time a creditor/collector has to file a lawsuit to collect on its debt or forever be barred from bringing up the lawsuit. The Statute of Limitations does not mean that the creditor's lien is no longer valid because the creditor can no longer file a lawsuit to try to collect on the debt. The lien must still be paid off before it can be released from the property.

I am sorry that I do not have better news for you.