Lien on house....Help!
We put our house up as collateral for a Small business association guaranteed loan. The business is not working our so we are filing both business and personal Ch. 7. The bank we borrowed the $ from house a second deed and trust on the house. My question is...when does that second deed of trust run out? First, our lawyer said it would be dropped in 2013 which was when the last payment should have been made on the business loan. So, we planned to keep the house until then. But on our second meeting...he backed up and changed his mind. He said it depends and sometimes the 2nd deed and trust would be there for 20 yrs and that it would be in the deed of trust somewhere under defaults...well, i've read the whole thing and It never says if there is a default how long the 2nd deed and trust would last.
The reason I'm asking..is b/c we don't want to keep paying house note for, let's say, 8 more yrs. and then sell it and the bank get all the equity. If the second deed of trust is forever it would be best for us to just let it go, even though we'd lose a lot.
THANKS, April
The reason I'm asking..is b/c we don't want to keep paying house note for, let's say, 8 more yrs. and then sell it and the bank get all the equity. If the second deed of trust is forever it would be best for us to just let it go, even though we'd lose a lot.
THANKS, April