Posted on: 26th Oct, 2010 12:27 pm
husband & wife both unemployed. filing bankruptcy. should we try to keep house that has 2nd mtg. & no equity?
won't mtg. company sue for any remaining balance on house after they sell it?
won't mtg. company sue for any remaining balance on house after they sell it?
Hi cando,
If you file Chapter 7 and do not reaffirm your debt, then the lender can foreclose it but won't come after you to recover the deficient balance as it has been discharged in your bankruptcy filing. If you want to keep the property, then you will have to reaffirm the dues and pay off the mortgage dues on a regular basis.
Thanks,
Jerry
If you file Chapter 7 and do not reaffirm your debt, then the lender can foreclose it but won't come after you to recover the deficient balance as it has been discharged in your bankruptcy filing. If you want to keep the property, then you will have to reaffirm the dues and pay off the mortgage dues on a regular basis.
Thanks,
Jerry