Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

Can my 2nd and 3rd mortgage company foreclose on my house after bankruptcy?

Can my 2nd and 3rd mortgage company foreclose on my house after bankruptcy?

I live in Minnesota and filed bankruptcy in 2011 (discharged Aug 2011). I filed on all property and only reaffirmed my car. I have 3 mortgages on my property (80/20 and a home improvement loan). My house is now valued at $135K and my 1st mortgage balance is $128K. If I do not pay my 2nd or 3rd mortgage payments (due to loss of income) will they foreclose on my property? The banks are not wiling to do a modification.

Thanks.


bec91961's picture
bec91961
10-02-2012

3 Answers
Votes
Older
Newer


1
If the mortgages have been discharged in your bankruptcy filing, then you're not liable for paying any of the mortgages. You can stop paying all the loans and surrender the property to your lender. The lender will foreclose the property and recover as much dues as possible. The lender won't be able to come after you in order to recover the deficient balance.

adonis | Asked on 2012-02-12


1
I understand that part, my attorney told me that but what if I continue paying on my 1st mortgage but not the other two and there is no equity in the house will the 2nd and 3rd mortgages foreclose?

Anonymous | Asked on 2012-02-13


1
Thank you Adonis.  I remember my attorney stating that the mortgage companies can foreclose if I do not pay.  That was not even a year ago and now my house had decerased in value to a couple thousand more than what I owe on the 1st mortgage.  What is the likelihood of the 2nd and 3rd mortgages foreclosing when there is no equity in the home and the 1st mortgage will get the house in the long run?   Thanks in advance.

bec91961 | Asked on 2012-02-15

Related Questions

Anonymous (not verified)
Anonymous (not verified)
Anonymous (not verified)
Anonymous (not verified)
Anonymous (not verified)
Anonymous (not verified)
Anonymous (not verified)
Anonymous (not verified)
Anonymous (not verified)
Anonymous (not verified)
Image CAPTCHA
Page loaded in 0.078 seconds.