foreclosure after bankruptcy

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gmeyer419@yahoo.com

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Post Posted: Wed Feb 17, 2010 8:40 am    Post subject: foreclosure after bankruptcy
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our bankruptcy was discharged in 11/09 we have a first and second mortgage. our first mortgage balance is more than the value of the house our first mortgage was reaffirmed in our bankruptcy. our second mortgage was not and was discharged in the bankruptcy. we have not made a payment to our second mortgage for 3 months now and they are threating to foreclose on our house. they hold a lien on our house so what rights do they have?
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Joined: 03 Oct 2005

Posts: 5499
Location: New Jersey
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Post Posted: Thu Feb 18, 2010 3:46 am    Post subject:
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Though your bankruptcy was discharged, the lender still holds the lien on the property. I guess you filed for Chapter 7 and did not reaffirm your loan. In that case, the lender has the rights to foreclose the property and recover his dues. However, after the sale of the property, the lender will not be able to come after you for the deficient amount. Moreover, it is your first lender whose dues will be satisfied first.
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