Here is the story, Lost my job, cannot afford my MTG. Can I file chp 7 BK and put my second MTG in it, eliminating it??? Then when the BK is discharged, SELL my house JUST enough to pay off the first?? To avoid foreclsoing on it, Id try and sell it. No profit, cause I understand my second is entitled to the profit...? right? How do they know anyways?... THANKS anyone who has advice
2007-12-11 11:33:06 · 2 answers · asked by kelly h 1 in Business & Finance ➔ Renting & Real Estate
Are you talking about a second mortgage? No, you can not screw one bank and keep both the house and the money.
2007-12-11 12:03:22 · answer #1 · answered by Landlord 7 · 3⤊ 0⤋
Sorry, but that won't work. BOTH mortgages have your residence listed as collateral. Either or both of them could start foreclosure proceedings if you fail to make the payments.
2007-12-11 20:22:45 · answer #2 · answered by acermill 7 · 0⤊ 0⤋