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?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 10 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 10 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


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption