Posted on: 05th Jul, 2010 08:09 pm
HELLO,
FILED CHAPTER 7, AND IT'S CLEARED ABOUT 05-17-10
THERE WAS A FIRST AND SECOND ($53K AND 28K) BOTH DISMISSED IN C-7.
HOUSE IS GOING TO COURTHOUSE TOMORROW... 10AM
1ST IS FORECLOSING (53K$) BUT....
THE STARTING BID IS $35K...
IF SOMEONE...ANYONE... BIDS AND WINS... IS THE SECOND MTG STILL THERE? HOW IS IT CLEARED? CAN THEY STILL COLLECT FROM NEW BUYER?
ARE ATTORNEY FEES INCLUDED IN THE STARTING BID OF $35K???
HOW RISKY IS THIS PURCHASE IF TRUE MARKET VALUE OF THE HOME WERE ABOUT $45K TO $47500???
THANKS,
RANDY
FILED CHAPTER 7, AND IT'S CLEARED ABOUT 05-17-10
THERE WAS A FIRST AND SECOND ($53K AND 28K) BOTH DISMISSED IN C-7.
HOUSE IS GOING TO COURTHOUSE TOMORROW... 10AM
1ST IS FORECLOSING (53K$) BUT....
THE STARTING BID IS $35K...
IF SOMEONE...ANYONE... BIDS AND WINS... IS THE SECOND MTG STILL THERE? HOW IS IT CLEARED? CAN THEY STILL COLLECT FROM NEW BUYER?
ARE ATTORNEY FEES INCLUDED IN THE STARTING BID OF $35K???
HOW RISKY IS THIS PURCHASE IF TRUE MARKET VALUE OF THE HOME WERE ABOUT $45K TO $47500???
THANKS,
RANDY
hi randy,
you have mentioned that both the first mortgage and the second mortgage was "dismissed" in bankruptcy. loans cannot get dismissed, but your bankruptcy filing can. if your bankruptcy has been dismissed, then you are liable for the second mortgage dues. however, if your bankruptcy filing has been discharged and you haven't reaffirmed the loan, then you won't be liable for the second mortgage dues.
thanks,
jerry
you have mentioned that both the first mortgage and the second mortgage was "dismissed" in bankruptcy. loans cannot get dismissed, but your bankruptcy filing can. if your bankruptcy has been dismissed, then you are liable for the second mortgage dues. however, if your bankruptcy filing has been discharged and you haven't reaffirmed the loan, then you won't be liable for the second mortgage dues.
thanks,
jerry