We claimed bankruptcy about two years ago and included our home. The house has been empty for two years and I recently contacted our mortgage company and they suggested that we move back in the home and request a Loan Modification. My question is if we get approved do we also have to take back a second mortgage we had on the house with another financial company? It was included in our bankruptcy. We are in a position to take back the first home mortgage, but if we had to include the second mortgage we wouldn't be able to afford it. Is it possible to avoid the second mortgage? As I said it was included in our bankruptcy, by it was a secured loan. Thanks for your help.
April
Answer
Yes, if the second mortgage or home equity loan was discharged along with the first mortgage, both mortgages and any other debts remain discharged; however, you may enter into another mortgage agreement with your lender which then becomes a financial obligation and not affected by the bankruptcy. This advice is general and addresses only the facts included in your inquiry.
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