If we had a Chapter 7 discharged 6 years ago and reaffirmed our first mortgage but not our second, what our we still responsible for?
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If we had a Chapter 7 discharged 6 years ago and reaffirmed our first mortgage but not our second, what our we still responsible for?
What is the recourse, if any, does the second mortgage holderhave if we do not pay? We have been paying the payment, however my husband was recently seriously injured in a car accident and unable to work as much as before. We are wondering if this is something we do not have to pay but will not lose our home either.
Asked on August 15, 2011 Ohio
Answers:
Mark J. Markus / Mark J. Markus, Law Offices of
Answered 13 years ago | Contributor
Reaffirmation only affects the underlying debt. It does not affect recourse a creditor has against property. If you did not reaffirm the second mortgage, then you owe nothing further on that debt and they cannot come after you for any deficiency after sale of your property. But they of course can still foreclose if you don't make required payments to them.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
Follow Me on Twitter: @bklawr
Mark J. Markus / Mark J. Markus, Law Offices of
Answered 13 years ago | Contributor
Reaffirmation only affects the underlying debt. It does not affect recourse a creditor has against property. If you did not reaffirm the second mortgage, then you owe nothing further on that debt and they cannot come after you for any deficiency after sale of your property. But they of course can still foreclose if you don't make required payments to them.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
Follow Me on Twitter: @bklawr
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