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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2900
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I filed a charpter and it was discharged in January. My house

Customer Question

I filed a charpter and it was discharged in January. My house has a value of $170,000 or slightly less. I did not reaffirm a second mortgage. My first mortgage is $139,000 my second 96,000. I have always been current. I wanted to reduce my 2nd to $10,000 but Chase has never contacted me. This month I decided to discontinue payments on the second. Obviously if I walked away they get $0. If I stay but don't make payments on the second what will likely happen?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 7 years ago.
Their lien will remain on the home until paid off. The bankruptcy discharges your liability to pay, but it does not extinquish the lien. Therefore you can wait to pay it off when you sell or refinance. You can also make payments on it too, to pay down the balance.