my chapter 7 b/k was discharged last year and my second was charged off since then. Do i have to keep paying on it?
Question Details: i owe 350000 on my house and it only appraises for 150000. my mortgage company (chase which is my 1st and 2nd lien) says i could stop paying on it if i can not afford it because my 2nd was charged off and i have a chapter 7 b/k but eventually i would have to settle it. so my question is if i stop paying on my 2nd will they take my home even though i am in good standing with my 1st?
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Your second is still secured by the property even though you have personally been discharged for obligation of the debt (assuming that you did not "re-affirm" it). What this means is that if you stop making your monthly payments, your lender still has the right to foreclose.
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