Anybody else with two second mortgages?

[berniefergie]

My wife and I have two second mortgages against our house which was done in the same week back in 2005. Yes I know big mistake. We have talked to 4 lawyers to see who we wanted to go with and 2 of them says there shouldn't be a problem and the other 2 says it might be a problem. I wanted to see if anybody else out there with this experience.

[laurannm]

I don't have any personal experience per se with more than two mortgages, but I would think each mortgage would be treated the same...i.e., would be discharged but could possible be reaffirmed, etc.

Are you above-median? Not sure if you can use more than two mortgages on a means test if you are above-median, or on your schedules I/J

[Walangatik]

We have two properties.

Each property has a first and a second.

What are they saying the problem is?

[StartingOver08]

OP, do you mean two second mortgages on the same property originated by two different lenders during the same week?

[berniefergie]

I'm assuming you are talking about income, which my wife and I are unemployed. We sold our sandwich restaurant a couple of months ago, which is what we used the 2nd mortgages for. We are surrendering the house so we are filing ch. 7. We are waiting to file to receive foreclosure notice in the mail, so we can stay in the house longer. Hopefully this is a good idea.

[berniefergie]

I'm sorry I didn't explain well enough in my first post. We have our original mortgage on our house that we got in 1999. The 2 second mortgages I'm talking about is with 2 different banks which we got in 2005 that we got in the same week. My wife really wanted a business really bad, even though I was against it. Got to make the wife happy, right. I know this is consider as fraud. Like I said before, big mistake. All our choices in life has consequences.

[doingpoorly]

Are you saying you took out both 2nd mortgages allowing them both to think that they were the only other loan you took out besides the original loan?

Kinda like you had a wife and then you got two mistresses at the same time without the mistresses knowing about each other.

[berniefergie]

yes

[OhioFiler]

Actually you have a 1st, a 2nd and a 3rd. The 2nd and 3rd should have each done title searches before you were given the money.

You have nothing to worry about.

[berniefergie]

thanks ohiofiler. That's what I was thinking that the banks did their research before taking a risk. My wife and I was thinking to go ahead and file even though we haven't received a foreclosure notice in the mail. The anticipation is killing us.

[berniefergie]

thanks ohiofiler. Hopefully they weren't recorded at the same time. Maybe there is a way I can check. My wife and I thinking about go ahead and file because the anticipation is getting to us.

[StartingOver08]

Check your public records, it will show the recording of each mortgage and the recording dates.

[berniefergie]

thanks startingover

[berniefergie]

where can I find public records? I searched on the internet. no luck

[doingpoorly]

For my area you can look it up on the county website. I would google your county's name and clerk of court, hopefully they have a website and you can look on there for a public search of official records. Hopefully your county has joined the 21st century