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Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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My husband and I filed for Chapter 13 in 2010, putting some

Customer Question

My husband and I filed for Chapter 13 in 2010, putting some sort of stipulation in the filing that the 2nd Mortgage would be discharged only if we repaid all of the money in the Chapter 13. Moving forward a year or so the Chapter 13 was converted to a Chapter 7, first mortgage is not reaffirmed but we continue to pay. We owe more to the first mortgage company then the house is worth by a couple thousand dollars, but have no desire to move anytime soon.After not paying on the second mortgage for all this time, the company has resold the loan and now the holder intends to file for foreclosure and sent certified mail stating so. My thought is this is just their strategy to try to get us to pay, and we lose nothing by continuing to not pay it since there is no value for them to collect on (we are a little behind on the first mortgage but not enough for them to start foreclosure proceedings, and it does not show on our credit report).Can you tell me if my thinking on this is correct, or is there a legitimate fear we could lose our house? (Michigan)
Submitted: 11 months ago.
Category: Real Estate Law
Expert:  LawTalk replied 11 months ago.

Good afternoon Christy,

I'm Doug, and I'm very sorry to hear of your situation. My goal is to provide you with excellent service today.

This seems like a very crucial matter for you, and your questions and issues suggest that an in-depth conversation might best suit your needs. If you are interested, for a very nominal charge I can offer you a personal phone conference as opposed to continuing in this question and answer thread which is searchable and viewable by the public.

Let me know if you don't want a call and I will be happy continue here with an answer for you.

Either way, whether I call you or not, in order to give you a clear and concise answer, I will need some additional information about the circumstances, please.

1. When you converted to a Chapter 7, I presume that you did not reaffirm the second mortgage---and that both it and the first mortgage were discharged as against you?

2. What is the present value of your home versus the 1st mortgage lien?

3. What document did the second mortgage company (present holder of the note) send to you. What was its title?

4. Do you and your husband intend to continue to live in your home for a number of years?

5. Have you spoken with the second not holder about the fact that your place is under water?

Thanks in advance,


Expert:  LawTalk replied 11 months ago.


I won't be able to assist you if you are not able to provide the minimal information I sought clarification on. Please get back to me with this information at your earliest convenience.


Customer: replied 11 months ago.
I will research the details and reply as soon as possible. Thank you.
Expert:  LawTalk replied 11 months ago.

That sounds good, Christy. I look forward to hearing back from you.


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