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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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If we go bankrupt while we owe $300K on our house thats only

Customer Question

If we go bankrupt while we owe $300K on our house that's only worth $200k on Zillow, but the reason it's 300k is our first mort had a home equity loan, which we used to buy a 100k foreclosure. so our new mortgage is actually our house AND this condo. So the condo looks like it's free and clear, so will we lose it in a bankruptcy? I believe we'd keep our home and the mortgage, but that condo is our ace in the hole right now and can't lose it before we can sell it to get out of this hole we're in, It's rented now with option to buy, but will be at least another year before they're ready to buy. What can we do?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 4 years ago.

cfortunato :

Hi - my name is Chris and I'm a Bankruptcy and Consumer Protection attorney here to assist you.

cfortunato :

Are you current with the payments for both the first mortgage and the home equity loan?