Is it possible to get rid of second mortgage if i have not paid it for more than 4 years?

Asked 10 months ago - Los Angeles, CA

I'm assuming the statue of limitation has expired

Attorney answers (3)

  1. Andrew A Moher

    Contributor Level 9

    4

    Lawyers agree

    Answered . The above attorney is correct. You may want to look into settling the 2nd mortgage if you have a significant lump sum, or look into chapter 13 bankruptcy as a way to possibly strip the second mortgage off, depending on your other circumstances and whether this would be a net benefit for you. Under California law, it is likely that there was no personal liability anyways on this loan - but they still have the lien on your house which is what matters.

    Hope this helps.

  2. Paula Brown Sinclair

    Contributor Level 20

    4

    Lawyers agree

    Answered . What statute of limitations? If it is a mortgage there was both a note and mortgage/deed of trust. Even if the creditor were required to enforce rights on the note within 4 years on penalty of being statutorily barred, the creditor still has a lien on the collateral.

    This answer is offered as a public service for general information only and may not be relied upon as legal advice.
  3. Cheryl Rivera Smith

    Contributor Level 20

    1

    Lawyer agrees

    Answered . The problem is that this is a SECURED LOAN. It is secured by your house. First the maturity date of the loan must pass (is this a 30-year loan? Is it a 15 year loan?). If it is a 30-year loan, the 30 years must pass and THEN, the limitations period kicks in. So this loan will probably hang over your head for a very long time.

    Actively practicing law in Texas. Inactive licenses in Arizona and Georgia. All answers are general in nature... more

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