http://www.bankruptcy-help-resources.com/bankruptcy-chapter-7-discharge-of-2nd-mortgage/ Quick Answers to Bankruptcy Questions & Understand How Bankruptcy Laws Affect You Thu, 09 Sep 2010 03:28:28 +0000 http://wordpress.org/?v=2.5.1 http://www.bankruptcy-help-resources.com/bankruptcy-chapter-7-discharge-of-2nd-mortgage/#comment-1364 Matt E Mon, 02 Feb 2009 00:46:15 +0000 http://www.bankruptcy-help-resources.com/bankruptcy-chapter-7-discharge-of-2nd-mortgage/#comment-1364 If you cannot sell the house for enough to cover both mortgages, why are you selling it? You have no personal liabiltiy concerning the mortgages. You can walk away from the house and make the lenders sell the house at a loss. Actually you can choose not to make any payments until the lender decides to foreclose. After they decide to foreclose you'd still have approx 2 months in your house before you'd have to leave. You can stay in your place 4 months without making a mortgage payment (free rent). Afterwards the foreclosure cannot show up on your credit report because the debt (personal liability) was already discharged in 06. I am not a lawyer but in a similar situation. I tried to used my chapter 7 to get the lender to renegotiate my ARM. They did not renegotiate to a reasonable interest rate so they're getting the house back (but they have to take it from me by foreclosure) If you cannot sell the house for enough to cover both mortgages, why are you selling it? You have no personal liabiltiy concerning the mortgages. You can walk away from the house and make the lenders sell the house at a loss. Actually you can choose not to make any payments until the lender decides to foreclose. After they decide to foreclose you’d still have approx 2 months in your house before you’d have to leave. You can stay in your place 4 months without making a mortgage payment (free rent). Afterwards the foreclosure cannot show up on your credit report because the debt (personal liability) was already discharged in 06. I am not a lawyer but in a similar situation. I tried to used my chapter 7 to get the lender to renegotiate my ARM. They did not renegotiate to a reasonable interest rate so they’re getting the house back (but they have to take it from me by foreclosure)

]]> http://www.bankruptcy-help-resources.com/bankruptcy-chapter-7-discharge-of-2nd-mortgage/#comment-1363 Kass Sat, 31 Jan 2009 11:20:07 +0000 http://www.bankruptcy-help-resources.com/bankruptcy-chapter-7-discharge-of-2nd-mortgage/#comment-1363 I am assuming your are going to have a closing on this, and the closer will not close until this issue is settled. Whoever is closing this will call both companies to get pay-off's. Both need to be released of record. You can't stiff them, it won't close until this is settled. I am assuming your are going to have a closing on this, and the closer will not close until this issue is settled. Whoever is closing this will call both companies to get pay-off’s. Both need to be released of record. You can’t stiff them, it won’t close until this is settled.

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