Posted on: 18th Oct, 2011 08:23 am
i am in the middle of a divorce and me and my wife are joint owners of a house that has a 1st and 2nd mortgage. we had filed for chapter 7 bankruptcy and received a discharge on 04/09/2010 the 2nd mortgage was included in the bankruptcy and show in the credit report as '0.00' balance. we are upside down about $40,000 ($18,000 on 1st mortgage and $23,000 on 2nd mortgage) and about 1 month behind in payments. can the house now be added to the bankruptcy? possibly a short sale with a hardship letter for divorce to the 1st and 2nd lender be needed? since we filed bankruptcy once can we file again because of the divorce? thanks, bill
Hi billavs,
As the mortgage has been reported as '0.00' balance, I feel that it has been already included in your bankruptcy filing and you have got a discharge from it. Now you can surrender the property to the lender in order to get rid of it. The lender will foreclose it and will recover as much dues as possible. He won't be able to come after you in order to recover the deficient balance.
Thanks
As the mortgage has been reported as '0.00' balance, I feel that it has been already included in your bankruptcy filing and you have got a discharge from it. Now you can surrender the property to the lender in order to get rid of it. The lender will foreclose it and will recover as much dues as possible. He won't be able to come after you in order to recover the deficient balance.
Thanks