Sep
8
Judgement Foreclosure By Sale
Filed Under Foreclosure
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After foreclosure, what are the options for excess second mortgages (purchase price) will not be paid?
If a house rule (low value) and the second mortgage is not fully satisfied with the auction house, then the second mortgage holder may (sometimes not do) take one to court and file a statement. My question is, what are the options for dealing with this? Chapter 7 I know you can, but what about Chapter 13? Is it acceptable for a charge which could be from 50-100K? Any legal advice would be great, is for a friend.
Hello, doing Howy. The options for dealing with the statement that the second mortgage lender has in chapter13 consumer bankruptcy is by his lawyer to do, what state New York we call a pond "movement." This means that the lawyer asks the court to recognize that the mortgage debt is the way out of proportion with the value of the house, and (while the debtor is resolved the payment of arrears and the first previous mortgage payments through the Chapter 13 plan) the Court makes second mortgage to another unsecured creditor (which means no longer have a stake in the house) and then as an unsecured creditor gets what proportion payment of the debt to other unsecured creditors get (could be 10%, could be 100%, depending on your plan). I do not know how much you know about bankruptcy. In a chapter 7 of a little more complicated, depending on whether you want to keep the house or not, and then the helmet exemption comes into play. Contact me if you have more questions through from yahoo or call a bankruptcy attorney.
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