Outs on a Chap. 7 non-performing 2nd?

[Paul Murch]

Non-performing 2nd available with equity, but both the 1st and 2nd were discharged  in Chapter 7 bankruptcy a few years ago. What options would I have if I bought the 2nd?

[Bill McCafferty]

Discharge means that the borrower is no longer liable for the debt, but the property is.     As a lien holder you can exercise your rights on the property.  Foreclose from the 2nd position, get possession and sell the property.   You need to find out the status of the 1st mortgage.  I buy NP 2nds and a lot of the product are Chapter 7 discharges.     I like Chapter 7 discharges.