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What happens to the second mortgage when you sell and file b

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ckmjlee Joined: 20 Jan 2009 Posts: 2 2.26 Dollars($)	Posted: Tue Jan 20, 2009 7:57 am    Post subject: What happens to the second mortgage when you sell and file b Like 0 Dislike 0 What happens to the second mortgage when you sell and file bankruptcy?...Our home is in foreclosure, if we sell, file for chapter 7, what happens to our second mortgage?
jameshogg Joined: 20 Dec 2005 Posts: 10148 Location: Nevada 941.94 Dollars($)	Posted: Tue Jan 20, 2009 11:22 pm    Post subject: Like 0 Dislike 0 Hi ckmjlee, Is the first lender foreclosing the property? If yes, then you will still be liable to pay off the second mortgage. If you are filing Chapter 7 bankruptcy, then the trustee will liquidate your property and pay off the creditors. Thanks

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