How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask cortrightlaw Your Own Question
cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience:  Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
Type Your Bankruptcy Law Question Here...
cortrightlaw is online now
A new question is answered every 9 seconds

Two home mortgages on my principal residence were discharged

This answer was rated:

Two home mortgages on my principal residence were discharged under a Personal Chapter 7 last year. Although my wife signed the bank mortgages and guaranty, she was not part of the Chapter 7. My wife and I jointly (joint by the entireties) own our Florida Homestead house. We remain current with our payments to the two separate banks (one national and the other regional). Since my debts were discharged via Chapter 7, can one or both banks at any time foreclose on our house despite not missing one monthly mortgage payment?
cortrightlaw : As long as you are current on the homes they can not foreclose not will they have any interist in foreclosing on the properties.
Customer :

What if I pay off the Regional Bank home equity loan ($80,000), but leave the National Bank Home Mortgage open ($150,000)? Also I forgot to mention that the house is valued at $350,000, so there is ample equity to satisfy both of these loans.

cortrightlaw : It would be fine to pay off the equity loan and the you would just be obligated to continue paying on the first mortgage.
Customer :

Okay, thank you for your legal opinion.

cortrightlaw and other Bankruptcy Law Specialists are ready to help you
Glad to help