Posted on: 26th Jan, 2011 01:46 pm
i have a first and second mortgage with bank of america. the condo is in mesa arizona. the bank has postponed foreclosure on this property several times and it has been almost 2 years that i haven't made a payment. i have filed for a chapter 7 and included both of this mortgage with the bankruptcy. the property value has depreciated alot. if i make a payment on this property on the first mortgage, is this going to create any legal ramifications regarding my bk? am i liable for the second mortgage still when the property value is devaluated?
hi robrobles!
welcome to forums!
as you've filed bankruptcy, there are chances that the lender may not accept your payment. if you reaffirm both the mortgages when you're in chapter 7 bankruptcy filing, then you will be liable for making payments on the first as well as the second loan.
feel free to ask if you've further queries.
sussane
welcome to forums!
as you've filed bankruptcy, there are chances that the lender may not accept your payment. if you reaffirm both the mortgages when you're in chapter 7 bankruptcy filing, then you will be liable for making payments on the first as well as the second loan.
feel free to ask if you've further queries.
sussane