Posted on: 21st Nov, 2011 09:00 am
we reaffirmed the mortgage (first and second) on our house when we filed for bankruptcy in '06. the bankruptcy was discharged may '07. we owed approx 280k on the property. in sept 07 due to continued financial hardship and the inability to sell the property for what we owed due to deteriorating property values we lost the house to foreclosure. the house was in very good condition. in the foreclosure sale home was listed for 239,900 and sold for 165,00. we live in the state of missouri. we are now being asked to pay for the second mortgage. help!
I need some help with the problem I posted on Mon Nov 21 re above subject
Hello Kg,
A foreclosure proceeding that missed a recorded discharge of the mortgage may be defective. In certain states and depending on the level of the defect- the foreclosure may need to be done over from scratch. In that case you may find some assistance that was not available before pursuant to new consumer protection provisions relating to foreclosures. You would need to seek the advice of an attorney in your state who is familiar with the current foreclosure laws and bankruptcy law.
:idea:
A foreclosure proceeding that missed a recorded discharge of the mortgage may be defective. In certain states and depending on the level of the defect- the foreclosure may need to be done over from scratch. In that case you may find some assistance that was not available before pursuant to new consumer protection provisions relating to foreclosures. You would need to seek the advice of an attorney in your state who is familiar with the current foreclosure laws and bankruptcy law.
:idea:
Hi kg!
Welcome to forums!
The second mortgage lender has all the rights to claim the dues from you. Also, you're liable enough to pay the second mortgage in full though the property has been foreclosed. If you cannot pay off the mortgage in full, you can ask for a repayment plan in order to pay off the debts.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The second mortgage lender has all the rights to claim the dues from you. Also, you're liable enough to pay the second mortgage in full though the property has been foreclosed. If you cannot pay off the mortgage in full, you can ask for a repayment plan in order to pay off the debts.
Feel free to ask if you've further queries.
Sussane