*This chat is not intended as legal advice. It is general information that may or may not apply to your situation and should not be relied upon.*
I am a Florida licensed attorney. I will do whatever I can to answer your questions! Don't Forget
that the deposit you placed to ask this question is not used to compensate me until
you rate my service
! Please Remember that when you are asked to give a rating, you are rating My Service
and not this website itself or the law
- What kind of actions can I expect the lenders to takeMy Answer
- One or both of the lenders will file a foreclosure action and obtain a deficiency judgment for any unpaid amount of the mortgage(s). Your Question
- and how can I best delay them. My Answer
- A chapter 13
bankruptcy may delay the foreclosure and/or, better yet, strip (remove) the 2nd mortgage and allow you to reinstate/renegotiate the first mortgageExplanation
- A Chapter 13 bankruptcy can strip off a 2nd mortgage if the first mortgage equals or exceeds the value of the property. A chapter 13 bankruptcy may be used to strip away the 2nd mortgage allowing you to then negotiate with the first mortgage for a modification.
I would be glad to respond to any related follow-up questions that you may have.