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Bankruptcy & Second Mortgage
Mortgage Library: Ask a Mortgage Related Question: Answers: Bankruptcy & Second Mortgage
I was wondering if there is something out there that can help out my situation. My husband and I have a 1st and 2nd mortgage
on our home. My husband is the only one on the 1st mtg. and I'm the only one on the 2nd mtg. Due to some business
complications with my husband and his brother there is a lot of law suits and so my husband is having to claim bankruptcy on the house.
I have good credit but we can't reaffirm on the house and are needing to move. We can't sale our house because of the economy
right now and I was just wondering if there is something I can do with them not putting a judgment on my credit. Is there debt
forgiveness programs? What can I do when the 1st is foreclosing automatically on the second?
Assuming that you walk away from this home and let both mortgages default.
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