Legal Question in Bankruptcy in Florida

I had Chapter 7 bankruptcy discharged and have a 1st mortgage (219,000) and 2nd mortgage loan (49,000). Judge denied reaffirmation on 2nd mortgage loan. My house now is valued at 129,000, have no equity and i'm paying interest only on the home. Can I stop paying the 2nd mortgage because my work hours have been cut and my husband has been out of work for 2 years. Will the 2nd mortgage take my house?


Asked on 9/12/11, 9:34 am

1 Answer from Attorneys
Sanford M. Martin Sanford M. Martin, P.A.

Yes, the mortgage(s) on your residence may be foreclosed on the basis of failure to pay the second mortgage. Of course, the specific provisions of your second mortgage govern the rights of the lender, but generally, yes. Depending on the situation re the mortgagee and modification of the mortgages under some existing programs, you may be able to modify the loans or live there for many months; however, each situation must be studied to determine rights and legal options.

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Answered on 9/12/11, 9:56 am


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