Re-performing note files Ch 7
I hold several re-performing 2nds in my IRA which are serviced by FCI. This morning I got an email that a borrower that was modified ~2 years ago and has been paying since then on time ect, filed Ch7 on 12/23. I'm looking for some guidance on the process and to get an idea of how I need to handle the note. I know that I need to have a Proof of Claim filed....and from some past threads I see that the borrower can re-affirm the debt potentially, or not....
The loan has a UPB of ~22K +/- (I have to login to check specifics) and a maturity date of 2047, it is in MA and the regular monthly payment is ~$225/mo +/-. Is this something I need to engage an attorney to get involved with now, or can I complete the POC? Any tips on what to do/not do at this point?
It seems from the past threads this can be good for me (borrower re-affirms) and they have additional funds each month to pay this debt. Or less good, but not too bad (borrower doesn't affirm) and I may need to explore FC from 2nd position....which depends on the status of the first, which I am not currently aware of.