Chapter7 and 2nd mortgage

What is the name of your state? Michigan
I have filed for chapter 7 because of a sudden unexpected medical problem (SSDI pending). I have a 1st mortgage of $134,000 and 2nd mortgage of $50,000 ( 2nd shared with Ex-husband). The value, at best, is $176,000. Is it possible to reaffirm the 1st when missed payments are paid up and have the 2nd mortgage discharged in the bankruptcy?
I know you have answered this before but it was for someone who had equity. I really have no other housing available right now.

[dave7250]

I was wondering the same thing myself. It doesn't look like its possible but someone more knowledgable than me may have more insite. Anyway here is a link for you to look at. [url]www.toolkit.cch.com/text/P12_1361.asp[/url]

[olgethorpe]

Talk with your BK attorney about this. Because both of the mortgages are secured, both have rights regarding foreclosing on the property. Our attorney pointed out to the 2nd holder that if the property were foreclosed, they would probably not receive the full amount (because of the upside down equity) and negotiated with them to reduce their interest. His thought was we could then reaffirm and refinance the first to pay off the second and go from there.

You'll also find someone who might be able to help answer this better in the "Mortgage" discussion forums at [url]www.creditinfocenter.com[/url]

Good luck!