My wife and I own our primary residence in Northern California. We filed Chapter 7 last year and were discharged in September.
We have a first mortgage for $650,000 and a second for $175,000, all purchase money and both loans are with Bank of America and were both formerly with Countrywide when we bought our home. We included both loans in the BK that were discharged, but we continue to keep the FIRST mortgage current and did not make one payment towards the second since prior to discharge. Each month we get a statement showing the balance due increasing on the second, but no other information at all on it.
If I were to put the home on the market today, the best I could hope for on a sale would be $450,000.00 tops and our county tax assessor has the home valued at $430,000.
My question is, since BofA holds the first and the second, can they foreclose us because of the second even though the first has been current since before the discharge? I have not been able to get any solid answers and hoping to find one.
Our attorney has said we should not be concerned, but you hear so many horror stories about the banks finding creative ways to foreclose.
Any info would really be helpful
We have a first mortgage for $650,000 and a second for $175,000, all purchase money and both loans are with Bank of America and were both formerly with Countrywide when we bought our home. We included both loans in the BK that were discharged, but we continue to keep the FIRST mortgage current and did not make one payment towards the second since prior to discharge. Each month we get a statement showing the balance due increasing on the second, but no other information at all on it.
If I were to put the home on the market today, the best I could hope for on a sale would be $450,000.00 tops and our county tax assessor has the home valued at $430,000.
My question is, since BofA holds the first and the second, can they foreclose us because of the second even though the first has been current since before the discharge? I have not been able to get any solid answers and hoping to find one.
Our attorney has said we should not be concerned, but you hear so many horror stories about the banks finding creative ways to foreclose.
Any info would really be helpful
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