Posted on: 30th Oct, 2010 10:37 pm
I have a home that is worth roughly 700K. My 1st morgage is 400K and my 2nd morgage is 500K. Do you think the 2nd morgage holder would walk away if I filed for BK even if they could possibly recoop roguhly 250K out of the 500k they loaned if they foreclosed?
welcome wireman,
the second mortgage lender has the rights to recover the dues. if you file bankruptcy and do not reaffirm the dues, then the second lender can even foreclose the property to recover his dues. but the second lender has to pay off the dues of the first lender before he satisfies his dues.
the second mortgage lender has the rights to recover the dues. if you file bankruptcy and do not reaffirm the dues, then the second lender can even foreclose the property to recover his dues. but the second lender has to pay off the dues of the first lender before he satisfies his dues.