After bk7 - no reaffirmation

[jsmoreland]

Over 5 years ago, Chapter 7 and we did not reaffirm home loans. 1st loan is a fixed home equity with Chase. 2nd is a line of credit with Chase. Currently , 1st loan is about $47000 and 2nd (line) is at $50000. Home is worth 90 to 100k. We have been making regular payments on both loans ( Principal is going down).
Draw period on 2nd ends in 1 year. Was just told in a phone conversation with Chase (not the bankruptcy dept.) and they said that the 2nd will not lock in one year because of BK7. What are my options? Ignore the 2nd and continue paying just the first. Attempt a reduction of the 2nd (5-10%) for settlement? Would appreciate direction.

 

[army judge]

Over 5 years ago, Chapter 7 and we did not reaffirm home loans. 1st loan is a fixed home equity with Chase. 2nd is a line of credit with Chase. Currently , 1st loan is about $47000 and 2nd (line) is at $50000. Home is worth 90 to 100k. We have been making regular payments on both loans ( Principal is going down).
Draw period on 2nd ends in 1 year. Was just told in a phone conversation with Chase (not the bankruptcy dept.) and they said that the 2nd will not lock in one year because of BK7. What are my options? Ignore the 2nd and continue paying just the first. Attempt a reduction of the 2nd (5-10%) for settlement? Would appreciate direction.

You really don't want FREE advice for something as important as YOUR home.
Be smart, schedule an appointment with a few BK attorneys in your county.
You're NOT in the clear, insofar as BOTH of those loans are concerned.
Without reading the loan contracts you signed, any information revealed would simply be a guess.
You could also spin yourself up quickly by rereading every document you possess relative to the loans.