Foreclosure in Scottsdale>Question Details

Reed, Other/Just Looking in Detroit, MI

Filed Chapter 7 Bankruptsy 1st mortgage 37k 2nd home equity line of credit 98k...will second foreclose on first if we stop 2nd mort payments?

Asked by Reed, Detroit, MI Tue Feb 1, 2011

Home is worth about 125k

Help the community by answering this question:

Answers

7
Please speak with an attorney for legal advice, not from a bunch of real estate agents and lenders. I wish you the best of luck, but arm yourself with accurate information you can use.
0 votes Thank Flag Link Wed Feb 2, 2011
Reed

You state you have filed Chapter 7 Bankruptcy, this would be a perfect question to ask your Bankruptcy attorney how to handle.

It is possible for a 2nd lien holder to foreclose.

Good Luck

Doug McVinua
HomeSmart

Arizona Homes for Sale by a Guy from Iowa
Web Reference: http://www.McVinua.com
0 votes Thank Flag Link Wed Feb 2, 2011
Any lender can foreclose. Usually it ids the 2nd that has a smaller balance and they just wait for te 1st to foreclse and the fiirst usually gets all of the proceeds and physical possession of the home. Bankruptcy will slow the foreclosure process, but ultimately the lender can get a judge to allow them to continue the foreclosure proceedings. I can only assume you are thinking of including the 2nd in your Bk and continue paying the first mtg, but I don't think the 2nd will allow this, but ask your BK attorney. Your situation is rare compared to others that have a first mtg for 100k and a 2nd for 37K. Good luck
Web Reference: http://www.SearchAZmls.com
0 votes Thank Flag Link Tue Feb 1, 2011
It is true that realtors cannot practice law. But it is not difficult to answer this question. Any lien holder can foreclose for non payment. All lenders are different and each have different agreements with their investors. the decision is also based on the actual value of the property and the type if property.
good luck
0 votes Thank Flag Link Tue Feb 1, 2011
It is true that realtors cannot practice law. But it is not difficult to answer this question. Any lien holder can foreclose for non payment. All lenders are different and each have different agreements with their investors. the decision is also based on the actual value of the property and the type if property.
good luck
0 votes Thank Flag Link Tue Feb 1, 2011
Article 26 of the Arizona constitution allows Agents LIMITED legal power to draw up purchase contracts for real property, not give legal advice.

Real Estate Agents are not licensed to practice law.
0 votes Thank Flag Link Tue Feb 1, 2011
If you can't afford to make your mortgage payments, consider consulting with your attorney....
0 votes Thank Flag Link Tue Feb 1, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer