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Bankruptcy 7 and Foreclosure Maine

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  • Bankruptcy 7 and Foreclosure Maine

    I have a 1st and 2nd mortgage in Maine. I have reaffirmed with 1st mortgage holder and the 2nd would not. I did however maintain a good payment schedule with the 2nd mortgager holder since the BK7 was discharged in 2003. Now because of the high energy cost and health (bad heart). I am 71. I have no alternative but to let the 2nd mortgage foreclose. From my understanding the 2nd has to pay off the 1st and the balance on the 1st is approx $35,000 and the 2nd is $20,000. With a total investiment of $55,000 for the 2nd would they still pursue foreclosure, knowing that the property would NOT bring them $55,000 in a quick sale. If so, and they decide to write it off and not foreclose, will this eliminate any paper work from any city records. In other words if 5 yrs from now I want to sell the place (If I live that long) will the 2nd mortgage still be inplace.

    Thanks in Advance
    Last edited by Guy Taylor; 07-31-2006, 09:47 AM.

  • #2
    Solution ?

    Are you still looking for solution with your mortgage situation? Let me know.