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Roger, Attorney
Category: Bankruptcy Law
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Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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my house was foreclosed last year i just recived a letter demanding

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my house was foreclosed last year i just recived a letter demanding we pay the balance of the second loan we had on that house which is 45,710.72 the letter states they may file a lawsuit to get the money back is bankruptcy someting i should consider
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 6 years ago.

Bankruptcy is definitely a consideration unless you have the means to pay this large balance.


The lender has a right to seek a deficiency judgment against you for this balance due. If it sues, it can garnish wages, bank accounts, etc to get paid.


If you file bankruptcy, this debt will be discharged, relieving you of the obligation to pay and the creditor's rights to try to get paid from you.

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