Pledged collateral

[ne1418]

Considering Chap 7 to wipe slate clean. Tried it on my own three years ago by not filing. Consolidated 25000 in debt against parents property. Its a thrid mortgage and is is only in my name. What can the bank due since this is in third position and my parents 1st is at a different bank. I reallize that it will have to be paid back but when and how would it sit until it was paid. Can the bank foreclose on a third and what would that even mean.

From bad management(lesson learned) and predatory lenders I racked up another 12000 along with an original 15000 under debt management that wasnt included in the 25000 pledged property loan.

Any knowledge on this would be appreciated.

[ne1418]

Anyone out there??

[Pinktiger]

You need to go see a bankruptcy attorney for advice. I think you would have to reaffirm the debt on the house, because it would create a foreclosure situation.

[ne1418]

thanks

If it is in the third position, what kind of foreclosure can they do

[Pinktiger]

I have no idea. This is why you need to consult an attorney. It makes sense to suppose that the first mortgagee would have the primary case, the secondary the secondary case, and so on; but as to what would happen if a third mortgagee were to foreclose and the payments current on the first two, ???.
Sounds like a question for the moderator.
Or, perhaps our friend Lightening would like to weigh in here, so he could fray you with his wit.

[Minnymouth]

Yes - consult with at least 2 attorneys regarding this issue an possible BK for you.

2nd and 3rd mortgage foreclosures are detailed.

PINKTIGER - let's be nice to Lightening today - He had a hard day yesterday.....POOR BABY..... He knows how we all feel - I'm sure, by now!!! SO BE NICE............

Minny