Foreclosure & forms

[jsinnnp]

Filing chapter 7 this weekend. doing this pro se

2 questions

1) House already foreclosed, bank with 1st mortgage bought deed at sheriff's sale 1 month ago

Does that get listed on only form B7, statement of financial affairs? Do I include loan amount and estimated value of house? Value of house is actually more than first mortgage

2) Have a 2nd mortgage. That is not foreclosed yet, although is now being handled by law firm for collection. Is that listed on B6D? If so, list estimated value of house? If not on B6D, where does it get listed?

Thanks in advance

[OhioFiler]

You do not own the house any longer. You have 2 unsecured debts with those lenders.

[justbroke]

Yes, it gets included on Statement of Financial Affairs in lawsuits section. You may need to list the foreclosure lawsuit in question 4 and the actual foreclosure in question 5.

If the first mortgagor foreclosed on the house, the second is summarily foreclosed as well. For good measure, you may want to list (both) as a "contingent" and "unliquidated" claim on Schedule F (Unsecured Creditors). Mark it as $1.00 since they haven't figured out how much you owe yet.

There is no more secured debt. The house was foreclosed upon by the first lender.

[jsinnnp]

Thanks for the replies.

As far as the first mortgage, the value they can get for the house, once they sell it next January (or whenever we move out - we have 12 mos as per Michigan law for the type of property we have) will certainly cover that mortgage.

Total value at sale might, with a stretch and improvement in housing prices also cover the second mortgage. I have no idea how that works out for the banks.

Thanks again for the input on how to fill out the forms.