Posted on: 20th Jan, 2009 06:57 am
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?
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
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