Reaffirmed 2nd mortgage, not 1st - options?

[T123]

My husband and I filed Chapter 7, April 2009. Our 2nd mortgage was reaffirmed, but our 1st was not. We have never been late on a payment. We owe about $50,000 more than the house is worth. Now we are looking to move out-of-state and do not have the resources to pay-off the deficiency. What are our options and/or consequences to sell, renegotiate, refinance, or walk away from the home?

[HHM]

First question: why did you reaffirm the 2nd mortgage in the first place?

[justbroke]

I don't believe there are options. You reaffirmed a second mortgage but not the first. I don't understand why anyone would do that, or why anyone's attorney would even sign the reaffirmation, let alone any judge (if you filed pro se). You have re-obligated yourself. You'd have to face the deficiency.

[Stilltheone]

First question: why did you reaffirm the 2nd mortgage in the first place?

I AGREE!!!

I don't believe there are options. You reaffirmed a second mortgage but not the first. I don't understand why anyone would do that, or why anyone's attorney would even sign the reaffirmation, let alone any judge (if you filed pro se). You have re-obligated yourself. You'd have to face the deficiency.

Agreed. OP, there are no options. If you walk away from your house and they sell it for less than what is owed, you will owe that difference. Your reaffirmation agreement sealed the deal. Had you not signed it , you could walk away free and clear.