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  1. #1
    Join Date
    Oct 2019
    Posts
    2

    Default Lien Expiration

    My question involves real estate located in the State of: GA

    In 2011, I filed Chapter 7 BK in the state of GA. At the time, I had a 1st & 2nd mortgage with the same lender. I chose to reaffirm the first mortgage but the second was included in the BK. Since that time, I have maintained the payments on the 1st with no delinquencies. The lender has not and could not, under the BK laws, tried to collect on the second mortgage. The term of the 2nd was for 15 years and would have reached maturity date in 2018. I was advised that the lien would "expire" after 7 years beyond the maturity date. If I don't intend to move before 2025, will this 2nd mortgage eventually expire? Can it be re-newed by the lien holder prior to expiration? Since the lender was restricted in collecting this debt under the BK laws, could they ever demand payment or a payoff to release the lien? Please advise. Thanks

  2. #2
    Join Date
    Oct 2006
    Posts
    15,658

    Default Re: Lien Expiration

    Quote Quoting RMTnATL
    View Post
    My question involves real estate located in the State of: GA

    In 2011, I filed Chapter 7 BK in the state of GA. At the time, I had a 1st & 2nd mortgage with the same lender. I chose to reaffirm the first mortgage but the second was included in the BK. Since that time, I have maintained the payments on the 1st with no delinquencies. The lender has not and could not, under the BK laws, tried to collect on the second mortgage. The term of the 2nd was for 15 years and would have reached maturity date in 2018. I was advised that the lien would "expire" after 7 years beyond the maturity date. If I don't intend to move before 2025, will this 2nd mortgage eventually expire? Can it be re-newed by the lien holder prior to expiration? Since the lender was restricted in collecting this debt under the BK laws, could they ever demand payment or a payoff to release the lien? Please advise. Thanks
    Bankruptcy does not release a perfected lien. The second mortgage is a perfected lien because you voluntarily gave a lien in exchange for the money you borrowed. Who advised you that the lien would expire 7 years after the maturity date?

  3. #3
    Join Date
    Jul 2018
    Posts
    1,724

    Default Re: Lien Expiration


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