Posted on: 05th Oct, 2010 04:04 pm
i was divorced after 9 year marriage on 3/27/09. i was in extreme debt because of the divorce and was forced to file chpt 7 bankruptcy-it was discharged in may 2009. my first mortgage owed is $429,000 w/payment of $2,386 a month-not on bk nor reaffirmed- my second is $90,000 w/payment of $586 a month-that got put on bk (not at lawyers nor my request-we think it was the bank's own error) these are two separate banks. i have attempted 3 times this yr and attended a public workshop to get both loans modified, but because i was not yet behind they would not even help even though i more than qualify under the obama plan. recently my ex-husband has filed chptr 7 bk including both the mortgage loans and stated that the home was quitclaimed back to me at 0 profit (it was my childhood home in the first place!) my job is somewhat secure (26 yrs) but i will be having a few paycuts due to furlough days and possible medical costs so my income will be less in the very near future. on top of that, my three grandkids have been homeless and the parents want me to take temporary custody -i have the room, i just need the financial help in order to feed, cloth, provide medical and continue to pay my utilities and mortgage payments - i am trying to quickly get set up as a foster care grandparent with the state to assist me with that.
the question i have; since both my ex and i have now filed chptr 7 bk on the 2nd mortgage with that amount of money still owed on the first [color=blue:024594d2cc]what would the odds be that the second mortgage bank would foreclose on the home (current value of home is approx. $430,000-owe $429,000+ on first) i need to have to raise the kids in now if i quit making the monthly payments to the second? [/color:024594d2cc]right now the $568 would help with food and utilities until i can get set up with additional financial help for the grandkids. please give some good advice to this still working @ 59 yrs old single grandparent raising 3 teens. (other than runaway from home and hide) thanks for the help.
the question i have; since both my ex and i have now filed chptr 7 bk on the 2nd mortgage with that amount of money still owed on the first [color=blue:024594d2cc]what would the odds be that the second mortgage bank would foreclose on the home (current value of home is approx. $430,000-owe $429,000+ on first) i need to have to raise the kids in now if i quit making the monthly payments to the second? [/color:024594d2cc]right now the $568 would help with food and utilities until i can get set up with additional financial help for the grandkids. please give some good advice to this still working @ 59 yrs old single grandparent raising 3 teens. (other than runaway from home and hide) thanks for the help.
Hi Guest,
As you and your ex had filed bankruptcy, none of you are personally liable for the debts. Your personal liability towards the loan payments has been discharged in your bankruptcy filing. However, the second mortgage lender still holds the lien on the property. He has the rights to foreclose the property and recover his balance dues. However, as there is a first mortgage on the property, the second lender will have to satisfy the first loan and then satisfy his own dues.
Thanks
As you and your ex had filed bankruptcy, none of you are personally liable for the debts. Your personal liability towards the loan payments has been discharged in your bankruptcy filing. However, the second mortgage lender still holds the lien on the property. He has the rights to foreclose the property and recover his balance dues. However, as there is a first mortgage on the property, the second lender will have to satisfy the first loan and then satisfy his own dues.
Thanks