Surrender 1st and 2nd Mortgage in Chapter 7

[vxbabi]

Hi Everyone,

I am confused... We are surrendering our 1st and 2nd mortgage in Chapter 7. The balance on the 1st is 282,000 and the second is 65,000. The value of the home is 120,000. What happens after chapter 7 on the second mortgage?? We live in Florida, a deficiency state. Will we be liable for the difference in the first and second when it forecloses after Chapter 7? Can the mortgage companies sue us? Please advise. Thanks!

[biotechsolution]

If you walk away from the house after discharge.....or if you haven't signed a re-aff.......you owe nothing.