FC? about 2nd Mortgage
Hello friends,
I am somewhat relieved to find such a place where I fit in, too bad it happens to be in such sad situations...
My husband and I filed BK7 and it was discharged April'07, we reaffirmed the 2nd mortgage(not the 1st) although on credit report it shows "included w/ the bk"
We have now decided to let the house go...just can't afford the Adj Rate and we are behind on all necessary things: medical, food, power etc. that directly affects our 2 young children. We've decided our family would be happier w/o this particular roof over our heads.
My question is: Should I keep on paying on the 2nd Mortgage, since we did reaffirm? Are we going to be held accountable for the balance? Our house has dropped in value in the last year and we are upside down in it, so I pretty much figure that there will be a remaining balance.
Any help would be appreciated greatly, thanks in advance!
I found this paragraph on my state's foreclosure laws:
If the property sells for less than the default amount and sale costs, the sale will not be confirmed and no judgment for deficiency rendered until the court is satisfied that the fair value of the property has been credited on the mortgage debt, interest and costs.
I am somewhat relieved to find such a place where I fit in, too bad it happens to be in such sad situations...
My husband and I filed BK7 and it was discharged April'07, we reaffirmed the 2nd mortgage(not the 1st) although on credit report it shows "included w/ the bk"
We have now decided to let the house go...just can't afford the Adj Rate and we are behind on all necessary things: medical, food, power etc. that directly affects our 2 young children. We've decided our family would be happier w/o this particular roof over our heads.
My question is: Should I keep on paying on the 2nd Mortgage, since we did reaffirm? Are we going to be held accountable for the balance? Our house has dropped in value in the last year and we are upside down in it, so I pretty much figure that there will be a remaining balance.
Any help would be appreciated greatly, thanks in advance!
I found this paragraph on my state's foreclosure laws:
If the property sells for less than the default amount and sale costs, the sale will not be confirmed and no judgment for deficiency rendered until the court is satisfied that the fair value of the property has been credited on the mortgage debt, interest and costs.
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