Posted on: 28th Dec, 2009 03:35 pm
Hello forum people,
I am a bit confused on two things - I filed for Chapter 7 and before it was discharged my current home (that I live in) filed a relief of automatic stay, of which the judge ruled in their favor - this home has two mortgages, the 1st mortgage company is the one who filed the relief and got it, the 2nd mortgage holder didn't - does that 2nd get written off in the bankruptcy?
I also lost my 2nd home (rental property) in the Chapter 7 - as my BK discharged was completed on Aug. 15th, it seems in mid September I recieved a notification from the courts that on September 17th, the mortgage holder of this 2nd home received a relief of automatic stay - can this happen after the BK was discharged and complete? would I be held liable for capital gains on any of my two homes?
Thank you much:)
I am a bit confused on two things - I filed for Chapter 7 and before it was discharged my current home (that I live in) filed a relief of automatic stay, of which the judge ruled in their favor - this home has two mortgages, the 1st mortgage company is the one who filed the relief and got it, the 2nd mortgage holder didn't - does that 2nd get written off in the bankruptcy?
I also lost my 2nd home (rental property) in the Chapter 7 - as my BK discharged was completed on Aug. 15th, it seems in mid September I recieved a notification from the courts that on September 17th, the mortgage holder of this 2nd home received a relief of automatic stay - can this happen after the BK was discharged and complete? would I be held liable for capital gains on any of my two homes?
Thank you much:)
welcome pefemezticos,
if the second mortgage holder of your current home did not filed a relief of automatic stay, the second mortgage must have discharged. you can contact your bankruptcy attorney and trustee and they will let you know the exact details. as far as your rental property is concerned, a relief of automatic stay can be received by the lender when you are in bankruptcy. i don't think the lender will be able to receive the relief once your bankruptcy has been discharged. you need to contact your bankruptcy attorney in this regard and clarify the whole issue. as far as capital gains are concerned, you won't be responsible for it as you are not selling the property. capital gains come into picture when you sell off the property and incur a profit.
if the second mortgage holder of your current home did not filed a relief of automatic stay, the second mortgage must have discharged. you can contact your bankruptcy attorney and trustee and they will let you know the exact details. as far as your rental property is concerned, a relief of automatic stay can be received by the lender when you are in bankruptcy. i don't think the lender will be able to receive the relief once your bankruptcy has been discharged. you need to contact your bankruptcy attorney in this regard and clarify the whole issue. as far as capital gains are concerned, you won't be responsible for it as you are not selling the property. capital gains come into picture when you sell off the property and incur a profit.