I filed bankruptcy which was discharged in April 2007. I continue to pay my 70K first mortgage but can't

Asked by Sandy, Punta Gorda, FL Sun Jun 1, 2008

afford to pay my 60K line of credit secured by the equity in my home any longer. In today's market, my home has dropped in value and is not worth $130K. Both loans were discharged in bankruptcy and I have not signed any reaffirmation to pay. Because I've been paying consistently and on time. Neither the 1st nor 2nd bank has contacted me. What can happen if I stop paying on my 60K line of credit loan since it was a part of bankruptcy and discharged?

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6
Don Tepper, Agent, Burke, VA
Sun Jun 1, 2008
That's a question that should be answered by the lawyer who handled your bankruptcy.
1 vote
Shannon Moore…, Agent, Port Charlotte, FL
Thu Jun 26, 2008
I would contact a local real estate attorney. We have used Ernie Sturges, 941-625-6666. He is located in Port Charlotte.

Good luck!

Shannon Moore, Realtor
Re/Max Anchor Realty
941-276-8142
twomoores19@comcast.net
0 votes
Bill Eckler, Agent, Venice, FL
Thu Jun 26, 2008
Sandy,

Our recommendation is to contact a real estae attorney as well.

Good luck,

The "Eckler Team"
0 votes
Michael D. G…, , Punta Gorda, FL
Tue Jun 24, 2008
The previous responders are correct. I just want to emphasize the need to RUN, don't walk to your attorney. Time is not on your side in this market place (declining market). Let your attorney tell you what the downside is for both loans, they'll have to defend it.
0 votes
Myke Atwater, Agent, Santa Rosa Beach, FL
Sun Jun 1, 2008
The other two are absolutely right!! Your attorney who handled your bankruptcy should have covered all of this with you--if his answers are not adequate, contact another attorney--most banks are happy as long as they are getting their money--but you need to know what your rights and responsibilities are!!!
Web Reference:  http://www.MykeTriebold.com
0 votes
Michael Cepa…, Agent, Tampa, FL
Sun Jun 1, 2008
Don was right on the money, call your lawyer. And if ANYBODY on here gives advice other then this, RUN!
0 votes
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