I hold a 2nd mtg

[Jamesonisme]

What is the name of your state? Oklahoma

I loaned money to a friend of 25 yrs and secured it with a 2nd mortgage on his residence. We had a falling out several months ago and I received notice that he has filed chap. 7 bankruptcy.
My question is: will my debt/mortgage be exempt from his discharge? Is there anything I need to do besides wait? I do not plan to release this mortgage until debt is paid, if the 1st mortgage holder forecloses they cannot get clear title unless I issue release...can I be forced to do so? I am certain this deadbeat will not reaffirm the debt to me. I did not receive notice in time for the creditor's hearing so I am not sure what, if anything, I actually need to do at this point, thank you!!

 

[Ladynred]

You can still submit your proof of claims even though you didn't get to the 341 meeting. If he doesn't reaffirm and quits paying, you can peition for a relief from stay and forclose as well. The house will be sold and hopefully you will get something out of the sale as the 2nd mortgage holder. If there is a deficiency, you won't be able to go after him for it.