Complex Question.....

[kp2304]

I live in Tennessee. I filed bankruptcy 2 years ago. I had about $15,000 in unsecured debt at the same place I have my mortgage. My wife(at the time) wanted to re-affirm on the mortgage. However, the lender would not allow us to do that and file on the rest of the unsecured debt. So we made an agreement to put the unsecured debt on a second mortgage, which in turn put the mortgage value over the assessed property value. My main question is, if I forclose on the mortgage now, and the lender can't sell it for what is owed, what can they do to me?

 

[JETX]

I live in Tennessee. I filed bankruptcy 2 years ago. I had about $15,000 in unsecured debt at the same place I have my mortgage. My wife(at the time) wanted to re-affirm on the mortgage. However, the lender would not allow us to do that and file on the rest of the unsecured debt. So we made an agreement to put the unsecured debt on a second mortgage, which in turn put the mortgage value over the assessed property value. My main question is, if I forclose on the mortgage now, and the lender can't sell it for what is owed, what can they do to me?

Did you re-affirm on the mortgages?? If so, then those mortgages would be excluded from any protection of that bankruptcy filing and you (and your wife, if she is a co-signer) will be liable for the debt.