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Advice on Deficiency Balance and Bankruptcy

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sia101009 Joined: 10 Oct 2009 Posts: 17 0.06 Dollars($)	Posted: Wed Oct 28, 2009 9:57 am    Post subject: Advice on Deficiency Balance and Bankruptcy Like 0 Dislike 0 [System detected duplicate content, converted into image. Thanks.]
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Thu Oct 29, 2009 2:39 am    Post subject: Like 0 Dislike 0 Hi sia, As the second mortgage has already been charged off in bankruptcy, you are no longer responsible for the debt. However, this does not waive the right of the second lender to foreclose on the property. The lender can still go after you for the deficiency balance. You can negotiate with the collection agency and settle the debt for a less amount. You can set up a repayment plan and pay off the debt in monthly installments.

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