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I cannot refinance now because they need a Avoidance of Lien…

Customer Question
I cannot refinance now...

I cannot refinance now because they need a Avoidance of Lien Letter. I had a BK back in 2010 and they say I need one on a 2nd mortgage that was part of the BK. How do I go about it?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Illinois

Lawyer's Assistant: Has any paperwork been filed?

For what are you referring to and when?

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

My mortgage broker advised me that this is what the underwriter advised I will need to open my BK and recluse in order to get this lean avoidance

Submitted: 6 months ago.Category: Bankruptcy Law
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Answered in 2 hours by:
7/31/2017
Bankruptcy Lawyer: Terry L., Attorney replied 6 months ago
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,921
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
Verified

2nd mortgages are not stripped off when you file bankruptcy. If you did not reaffirm the debt, true, the debt is discharged for you personally. That means the lender can no longer collect from you personally. The mortgage lien stays on the home though, that is not stripped off when you are discharged. It must be paid off when you refinance or sell. You can voluntarily pay it down as well. The lien stays, even though your personal responsibility to pay it is otherwise discharged by the chapter 7. You cannot go back and avoid it. The only debts that can be avoided in certain circumstances, are judgment liens recorded against the title that impaired your homestead exemption at the time of filing. Sorry I don't have better news for you. Let me know if you have any questions. thanks

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Customer reply replied 6 months ago
How does this affect from any profits from equity on my property when I go to sell.
Bankruptcy Lawyer: Terry L., Attorney replied 6 months ago

You must pay off the second when you sell, or roll it in when you refi

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Bankruptcy Lawyer: Terry L., Attorney replied 6 months ago

did you have any further questions? if not, please click accept to close question and rate answer so I may get credit for answering. thanks and good luck

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Terry L.
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,921
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Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

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