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Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I have a chapter 7 BK discharge. I have a first and second

Resolved Question:

I have a chapter 7 BK discharge. I have a first and second mortgage. At the time of discharge, the first is secured but the second is only secured for a portion of the amount of the note. The debt was not reaffirmed.

If I stay - would the second mortgage lender be inclined to rewrite the loan for the secured amount only (this would mean difference from 225k to 70k?
If I leave - and sell the home for more than the secured and unsecured amount, do I have to pay the full amount of the loan or just the amount that is secured?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 6 years ago.
If you intend to stay the second may settle with you, but it is no guarantee. If you sell it for more than the secured you will only have to pay the secured portion, the unsecured is out of luck.
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