Modifying 1st mortgage past ruin auction date-does 2nd home equity stay discharged, or is it activate?
My daughter and son in law own gone through chapter 7 bankruptcy in Oregon. They have a 1st and a 2nd mortgage (which was a home equity loan). There is an auction date set for the sale of their home, but their first mortgage company is giving them the opportunity to 'save' the home through a loan modification back it goes to auction. My son-in-law has have recent employment and there is a slight chance they could stay surrounded by their home if the details are worked out. My question is this; can the 2nd mortgage (home equity-different lender) come back and lien the house? Or worse all the same, foreclose even though the 2nd was discharged during bankruptcy? My daughter doesn't want to bother next to modifying the 1st if there's a big chance of the reviving the 2nd. This is in the state of Oregon, but possibly the laws are the same surrounded by all states.
Thanks for the input!
Answers:
They should ask the attorney who represented them in the liquidation. Usually, once that Chapter 7 is finalized and discharged, the property is liquidated and the mortgage company is not legally allowed to "refinance" the mortgage. Your daughter and her husband no longer own the house or hold interest in the property- the sale is mandate through the bankruptcy court. Some states may differ but in broad the major rules are the same adjectives over. Have them talk to their attorney before they sign any papers or get any decisions that may hurt them.
clear all doubts look in this website
http://www.mortgage-info.we.bs/
best of luck god bless
http://www.my-credit-info.we.bs/
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Thanks for the input!
Answers:
They should ask the attorney who represented them in the liquidation. Usually, once that Chapter 7 is finalized and discharged, the property is liquidated and the mortgage company is not legally allowed to "refinance" the mortgage. Your daughter and her husband no longer own the house or hold interest in the property- the sale is mandate through the bankruptcy court. Some states may differ but in broad the major rules are the same adjectives over. Have them talk to their attorney before they sign any papers or get any decisions that may hurt them.
clear all doubts look in this website
http://www.mortgage-info.we.bs/
best of luck god bless
http://www.my-credit-info.we.bs/
Related Questions:
Is it possible to own a co-signer on a home mortgage?
I was hoping to have my father co-sign a home loan (maybe) and be wondering if this is even possible. It's possible but seldom wise. The co-signer have equal liability for the loan. If the principle defaults the co-signer has to trademark...