Legal Question in Bankruptcy in Minnesota

Filed bankrupcy and did not reaffirm my 1st, 2nd and 3rd mortgages, All were discharged. The 1st holder sends me mail offering programs for staying in my home. I hear nothing from the other two holders. What happened to them? Are they still attached to the proceedings? Foreclosure was started and am now in the redemption period. I owed the 1st holder quite a bit less than what the house is worth and could seek a reverse mortgage if the other two holders balances were somehow not included. Adding all three holders brings me well over the value of the home. Thank you, Dave M


Asked on 9/21/09, 11:20 am

1 Answer from Attorneys
Sam Calvert Calvert Law Office

Usually a lien goes through bankruptcy unaffected. Something unusual would probably have had to happen in your bankruptcy case to make a 2nd or 3rd mortgage "go away". Check with your bankruptcy attorney to see if anything like that happened. There might be some redemption strategies that would be worth looking at, in case the second or third does not redeem.

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Answered on 9/26/09, 11:43 am


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