Legal Question in Real Estate Law in California

Re: Bankruptcy, forclosure, real estate

Yes! It does not matter whether you affirm or not, a lender on real property may foreclose if you do not pay the loan payments--these are "secured" debts and you either have to give back the security or make the payments.

Re: Bankruptcy, forclosure, real estate

Yes. They can foreclose.

Re: Bankruptcy, forclosure, real estate

Yes, they can still foreclose. If all people had to do after they bought a home was to file for BK to avoid payment, everyone would do that. Of course, the banks wouldn't lend any money to buy homes, either.

Your second is a secured loan, just like the first. You either reaffirm them both, or give up the house.

Re: Bankruptcy, forclosure, real estate

Your bankruptcy filing will interrupt, but almost certainly not stop, foreclosure proceedings by either or both lenders. The lenders will have to apply to the court for relief from the automatic stay, but this is routinely granted.

Re: Bankruptcy, forclosure, real estate

Won't work. Moved to restrain the foreclosure begins both the first in the second are easily, very easily lifted in almost every bankruptcy court. A means the second been foreclosed. Try to work something out in terms of forbearance agreements for both, or refinancing, a purchase to pay them off by a friend or relative with a rental agreement and option to purchase back the property on your behalf.i have been practicing law in this speciality for over 30 years in the san francisco bay area and if you wish to consult with me you can contact me at 925-945-6000.