I Reaffirmed My Second Mortgage and Then Got Foreclosed On. – Rosalie

“Dear Steve,

I filed Chapter 7 bankruptcy in 2009. At the time I was in a modification plan for my first mortgage. The Bank stopped the modification process due to bankruptcy and said they would only modify after bankruptcy. I sincerely wanted to keep my property, so I signed a reaffirmation agreement for the 2nd mortgage debt of $30,000.00, believing I would have a modification for the first mortgage after bankruptcy. After bankuptcy discharge, 1st morgagor decided not to grant me a modification and property is currently being foreclosed on. I live in Florida.

What can I do about the 2nd mortgage after foreclosure/bankruptcy, which was reaffirmed in bankruptcy?

Rosalie”

Dear Rosalie,

Ouch! You may just be on the hook for that but before you panic I would suggest you talk to your bankruptcy attorney and a local real estate attorney that is licensed in your state.

Please post your responses and follow-up messages to me on this in the comments section below.

Steve Rhode Debt Coach and Author

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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