Mortgage lien expiration

Matthew Tillman

New Member
Jurisdiction
Georgia
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
 
Yes; however, the link in your first response and the link in my prior response are not to the same thread. The OP posted this same thing three times. I responded substantively in the thread to which I linked and did not see any substantive response in the thread to which you linked.
Fair enough :) - at the time I posted there were only two threads.

EDIT: Ok, looking at the time stamps, there must have been three threads at the time I posted.
 
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The lender has not and could not, under the BK laws, tried to collect on the second mortgage.

That's not entirely accurate. The lender's security interests against your home -- both of them -- were not affected by your bankruptcy unless you made and the court granted a motion to avoid the second mortgage lien. Did you do that? If not, then both mortgage liens survived the bankruptcy. Your reaffirmation relates to your personal liability under the first mortgage. Therefore, while the lender can pursue you personally only for non-payment of the first mortgage, it can foreclose under either of the mortgage liens.

The term of the 2nd was for 15 years and would have reached maturity date in 2018.

Why did you add the words "would have"?

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?

I suspect that this is a statute of limitations on foreclosure. If that's correct, then the answer is yes, although the word "expire" isn't really accurate.
 
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