repossession and Loan company

[stressed07]

Two questions:
First we filed Chapt 7 been discharged and over with however we did not reaffirm a business note so they came and repossessed the equipment. This loan was made in an amount over and above what the equipment was worth and now I find out that in this loan was a mortgage on my house for the total loan amount. My husband swears he did not sign a mortgage but looks like the mortgage is valid and if it is, once they sale the business equipment then what with the remaining amount of the loan, will they force us to sell our house which that sale will not cover the house mortgage and the business loan amount that has a mortgage on the house?

Secondly has anyone ever heard of American Guarantee they are guarantor of student loans I guess and my student loans are with them now. I contacted them to set up payments and I told them I could not afford what they wanted they said no big deal just send what you can. We do no report to the credit bureau. What is that all about? What if I only send a few dollars a month?

[lrprn]

...now I find out that in this loan was a mortgage on my house for the total loan amount. ... Will they force us to sell our house which that sale will not cover the house mortgage and the business loan amount that has a mortgage on the house?

Looks like your husband may have signed a loan agreement using your home as collateral. Did you list your mortgage when you filed Ch 7? If you did, then your lawyer may be able to go to court and get the lien on your house vacated now that your case is discharged. Call him/her today!

I told them I could not afford what they wanted they said no big deal just send what you can. We do no report to the credit bureau. What is that all about? What if I only send a few dollars a month?

As you know, student loans can't be discharged in bankruptcy except under some very restricted circumstances.

If you pay only a few dollars a month to a student loan lender, the interest will continue to build and your total owed will increase and increase. Your lender could also add late fees for any months you don't pay on time.

Contact your student loan lender and find out if you can put the loans into forbearance or deferment for now. Frankly, I'm worried that you just filed bankruptcy to wipe out all your unsecured debt and still aren't able to make the payments on these loans. Has something happened since you filed that you aren't able to make your secured payments plus the student loan payment and your living expenses?

Take a look at http://www.nolo.com/article.cfm/pg/1...3/208/135/ART/ - this very reliable site explains what your options are when you can't pay your student loans.