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Ask Ellen Your Own Question
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I filed chapter 7, I have a second mortage on my house but

Customer Question

I filed chapter 7, I have a second mortage on my house but the property is not even worth what I owe on my first mortgage. Should I continue to make payments to my second mortgage?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.
what state is the property locatedn in? Are you employed?
Customer: replied 7 years ago.
california. And yes I'm employed. at least for now.
Expert:  Ellen replied 7 years ago.

Thank you for your question.

you may want to consider converting your chapter 7 to a chapter13. the chapter 13 may allow you to treat the 2nd loan as an unsecured debt and wipe it out
Customer: replied 7 years ago.
I know about chapter 13. I really don't want to go through that for 3-5 years.
Expert:  Ellen replied 7 years ago.
okay. If you do not pay your 2nd mortgage, the lienholder may foreclose on the property.
Customer: replied 7 years ago.
thanks, XXXXX XXXXX don't know anything I dont know already.