Results 1 to 2 of 2

Hybrid View

  1. #1
    Join Date
    Dec 2010
    Posts
    1

    Default Bankruptcy, Mortgage Default and Timing of Divorce

    My question involves bankruptcy in the state of: california

    My husband and I filed chapter 7 bankruptcy yesterday. We are also considering strategically defaulting on our home loan and 2nd mortgage. What kind of protection did the bk get us from our mortgage holder? We were not 100% sure that we want to walkaway, but maybe the timing is good if we are going to lose it anyway because we can't make the payments.

    At what point in all this does it make sense to proceed with the divorce?

  2. #2
    Join Date
    Sep 2010
    Posts
    478

    Default Re: Bankruptcy, Mortgage Default and Timing of Divorce

    Quote Quoting didi1
    View Post
    My husband and I filed chapter 7 bankruptcy yesterday. We are also considering strategically defaulting on our home loan and 2nd mortgage.
    So long as you do not sign a Reaffirmation Agreement the debt on both mortgages will be discharged. Both liens survive the bk therefore if you do not make the mortgage payments eventually the property will be foreclosed. . . but neither lender can sue you for $$$.

    Quote Quoting didi1
    View Post
    At what point in all this does it make sense to proceed with the divorce?
    While there is no real need to wait, the best choice is to wait until your Chapter 7 is "closed".

    Des.

    1. Sponsored Links
       

Similar Threads

  1. Chapter 7: Listing Creditors and Timing a Bankruptcy
    By SDRK in forum Bankruptcy Law
    Replies: 1
    Last Post: 06-17-2011, 06:22 AM
  2. Chapter 7: Filing for Bankruptcy With Home Mortgage About to Go Into Default
    By DLynn in forum Bankruptcy Law
    Replies: 1
    Last Post: 01-16-2011, 08:33 AM
  3. Chapter 7: Timing of Filing Bankruptcy
    By iluvteak in forum Bankruptcy Law
    Replies: 1
    Last Post: 07-30-2010, 07:08 AM
  4. Foreclosure: First Mortgage Current, Second Mortgage in Default
    By speight in forum Buying, Selling and Conveying Real Estate
    Replies: 8
    Last Post: 12-21-2009, 04:03 PM
  5. Chapter 7: Effect of Bankruptcy on Second Mortgage with Default Judgement
    By chrisb007 in forum Bankruptcy Law
    Replies: 1
    Last Post: 10-02-2009, 09:51 AM
 
 
Sponsored Links

Legal Help, Information and Resources