Posted on: 22nd Apr, 2010 09:12 am
will i get foreclosed? i filed chapter 7 and the 2nd mortgage got reafirmed but not the 1st. am i legally bound to the second one? what if i lose my home to foreclosure, do i still have to pay the second mortgage?
Hi dannisalazar,
As you've reaffirmed your second mortgage, you are personally responsible for the mortgage dues. If you do not pay the dues, the lender will simply foreclose the property to recover it. However, after a bankruptcy filing, if your property is foreclosed upon, then you won't be liable for paying the deficient balance resulting from the sale of the property.
Take care.
As you've reaffirmed your second mortgage, you are personally responsible for the mortgage dues. If you do not pay the dues, the lender will simply foreclose the property to recover it. However, after a bankruptcy filing, if your property is foreclosed upon, then you won't be liable for paying the deficient balance resulting from the sale of the property.
Take care.