What to do about a Chapter 7 and a foreclosure?
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What to do about a Chapter 7 and a foreclosure?
After doing a Chapter 7 bankruptcy and foreclosure, we’re doing a cure on our first mortgage. We found out our second motgage company has a lien on our property. Would they be able to make us start paying that mortgage if we do this cure or be able to foreclose on us for non-payment or would it just remain a lien until we want to sell?
Asked on January 8, 2013 under Real Estate Law, Colorado
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Unless you are paying on the second loan on your property to its lender you are at risk that the second lien holder could foreclose on the property and take legal title to it subject to the first secured loan holder. I suggest that you consult with an experienced real estate attorney who knows bankruptcy law for assistance and guidance as to your matter.
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