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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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if we are unable to convert from chapter 13 to chapter 7 what

Resolved Question:

if we are unable to convert from chapter 13 to chapter 7 what happens if we still walk away from our house?
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 2 years ago.

Hi JACustomer,
1) Is your home a one or two-family home?
2) Is your home on less than 2.5 acres?

3) Were your mortgage(s) used to purchase your home?

Customer: replied 2 years ago.
yes,yes, the first one was not the second or third
Expert:  cfortunato replied 2 years ago.

Last question:

What were the second and third mortgages used for?

Customer: replied 2 years ago.
home improvements
Expert:  cfortunato replied 2 years ago.

If you stop paying the mortgages, and given the information you provided, the second and third mortgage companies - but not the first - can pursue deficiency judgments for the balance due on those loans after your house sells in a foreclosure sale. Arizona Stat. 33-729(A).

 

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

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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