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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy professor.
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My Wife and I filed Chapter 7 Bankruptcy in 2007. We have

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My Wife and I filed Chapter 7 Bankruptcy in 2007. We have a 1st and 2nd mortgage on home with the same lender. The 1st was modified a few months later but was not a new mortgage. For over a year we did not receive a statement for the 2nd and did not make payments but did on the first. A year later we started to receive statements on the 2nd but did not pay and eventually was given notice of default and pending foreclosure. At that time we stopped payments on the 1st. Months later, still no final notice on the foreclosure; called law firm to find out that foreclosure on 2nd had been stopped and received notice that lender was now foreclosing on the 1st. Whewww. Lender is only foreclosing on the 1st and wants about $100K less than latest appraisal. Following the Bankruptcy in 2007 the mortgages were never re-secured (except there was the modification to the first following the bankruptcy). If the mortgages were not secured after the bankruptcy can we walk away from this without redemtion on the default payments, the second mortgage, attorney fees, etc. etc. What to do?

Hi spooky,

Since you did not re-affirm either mortgage, the liability for each was discharged in the Bankruptcy you filed. This means you cannot be held liable for the amount in arrears, any deficiency judgment, attorney fees, court fees, or anything else stemming from either mortgage.

I think this is what you wanted to know. If not, please let me know.
Thank you!



Edited by cfortunato on 10/2/2010 at 7:16 PM EST
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