Posted on: 24th Jun, 2011 08:50 am
can my 2nd mortgage still foreclose if they charge off the debt and we have already completed a chapter 7 bankruptcy in the state of mn.the home is not worth what is owed on the first. both mortgages are current at this time but not affordable. are we dumb to still be paying the 2nd if we are struggling?
Hi Dutchess,
If you have included the mortgages in your bankruptcy filing, then you will receive a discharge from it. You won't be personally liable for paying off the debts in that case. However, the lender can foreclose the property in order to recover as much dues as possible.
Thanks,
Jerry
If you have included the mortgages in your bankruptcy filing, then you will receive a discharge from it. You won't be personally liable for paying off the debts in that case. However, the lender can foreclose the property in order to recover as much dues as possible.
Thanks,
Jerry