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cfortunato
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Category: Bankruptcy Law
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Experience:  Bankruptcy professor.
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I previously filed a Chapter 13 bankruptcy which was dismissed

Resolved Question:

I previously filed a Chapter 13 bankruptcy which was dismissed (long story). I am now filing Chapter 7 pro se. I have 3 mortgages on my home; the 2nd and 3rd were included in the Chapter 13 payments. The first mortgage is current, the second was charged off and I was given a 1099; the third added in all the back interest since my dismissal and I have begun a payment plan with them.
I was told that if I file Chapter 7, the 2nd mortgage holder could come back on me and force the sale of my home if I don't make a payment plan with them even though they charged it off. My question is, is that true?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 3 years ago.

Hi JACustomer,

Is the house worth more or less than the current balance on the first mortgage?

Customer: replied 3 years ago.
More - it is worth more than the three mortgages combined
Expert:  cfortunato replied 3 years ago.

The second mortgage company can sell the mortgage to a collection agency, even though the mortgage has been charged off. The collection agency can get a judgment for that loan, and if the house is worth more than the first mortgage plus $100,000 (the Homestead Exemption in Idaho), the collection agency can force the sale.

However, the fact that you have filed a Chapter 7 Bankruptcy should not prompt the collection agency to pursue a judgment sooner.



Edited by cfortunato on 11/7/2010 at 12:53 AM EST
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and other Bankruptcy Law Specialists are ready to help you

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