Re: 2nd mortgage forcing foreclosure discharged in bankruptc

Posted by Nick(Colorado) on August 08, 2006 at 17:16:22:

In Reply to: 2nd mortgage forcing foreclosure discharged in bankruptcy!! posted by Virginia on August 04, 2006 at 19:04:53:

Virginia:

To get the lien striped from the property, you
would have had to have done a chapter 13, and
a Pond motion. Given that this was 2001, and
assuming that the lien was not striped, and the
debt has not been serviced in that time, I would
think that the 80K figure is about right. Now the
debt has been resold, or they are trying to get
some of this money back.

The debt should be IIB, so you have no obligation
to pay. It sounds like the lien is still hot against
the property, so basically the property must pay. In
the end, you will need to weight the 25K payoff, versus
the damage of a foreclosure, in having to move.

From the tone of your post, it sounds like the
property will not support that payoff. Pull a credit
report, the loan should be listed as IIB (included in
bankruptcy). If you decide to leave, offer a DIL to
the lender.

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Virginia:

To get the lien striped from the property, you
would have had to have done a chapter 13, and 
a Pond motion. Given that this was 2001, and
assuming that the lien was not striped, and the 
debt has not been serviced in that time, I would 
think that the 80K figure is about right. Now the 
debt has been resold, or they are trying to get 
some of this money back. 

The debt should be IIB, so you have no obligation
to pay. It sounds like the lien is still hot against
the property, so basically the property must pay. In
the end, you will need to weight the 25K payoff, versus 
the damage of a foreclosure, in having to move. 

From the tone of your post, it sounds like the 
property will not support that payoff. Pull a credit 
report, the loan should be listed as IIB (included in 
bankruptcy). If you decide to leave, offer a DIL to
the lender.


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