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  1. #1
    Join Date
    May 2012
    Posts
    1

    Default Did Not Reaffirm a Second Mortgage, What Are My Options

    My question involves bankruptcy in the state of: Wisconsin

    I filed a chapter 7 and it was discharged in October of 2009. I did not reaffirm my second mortgage and have been paying every month on it. I now find myself in some financial difficulties. What happens if I quit paying on the second mortgage? I know I no longer have personal responsibility for the debt and I know since there is not enough equity in the home to pay off the second mortgage it is unlikely that they will foreclose. I understand that they no longer report payments to the credit bureau. If I quit paying the second will that do anything to my credit score? What happens to my score when I sell and they cannot collect the debt?

    Thanks

  2. #2
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: Did Not Reaffirm a Second Mortgage, What Are My Options

    They can still foreclose, even if they are unlikely to clear anything.
    Your credit has already been trashed as it's gong to get on that loan.

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