What action will "Specialized Loan Servicing" take after my discharged Chapter 7?

[Echelon]

I had a Equity Line of Credit with Specialized Loan Servicing (SLS). After Chapter 7 bankrutpcy was discharged in 2014; it became the only morgage on my house. But even though my chapter 7 was discharged, it remains "open" because the Bankruptcy Trustee is still negoitating one asset that is in the estate (unrelated to my house). I have tried to mail in mortgage payments to SLS but they have always refused them. Also, my credit report shows the SLS loan as "write-off." So the question I have is, when (if ever) will SLS start requiring me to make mortgage payments or take some other action? Or, did they think it was written off and will not ever try to collect?

[justbroke]

There is absolutely no way to tell if a creditor, especially a mortgage lender, will initiate any action to foreclose. An active bankruptcy case that is still open may also make this more complex. I think I waited 14 months after I filed before the creditor took any action.

Unless the creditor actually files a "satisfaction of mortgage" (or similar document releasing the lien), please understand that they may still have a valid and enforceable lien on the home. I would save all the mortgage payments (or would have) over this period of time. You may be able to save for a large deposit (on anything) should SLS ever decide to foreclose. I don't know what your intentions are for the home such as attempt to keep or to let it go.


Check out a thread we had before which spoke about settling with SLS. (I don't recommend starting this settlement process now, because you may awaken the sleeping creditor. I would make sure my ducks are quacking and lined up, first.)

[justbroke]

Ooops... here's the thread... http://www.bkforum.com/forum/before-...age-after-bk-7