2 questions...

[jelo6875]

My husband recently lost his job AGAIN....we filed chapter 7 and were discharged in November 2011....I have 2 questions
1. We listed both of our cars on the bankruptcy and never reaffirmed them so if we call the company that has one and tell them to come get it we will be off the hook right??
2. Somehow our home equity line of credit was not listed on the bankruptcy papers (the amount of that loan and mortgage loan were combined under bank's name that has just the mortgage according to the bankruptcy document) and we are 2 months behind...what can they do?? Can they still report to the credit agency or sue us for repayment since they weren't actually listed?? What would happen to the house if we quit paying it? They are calling twice a day everyday!!!

[keepmine]

If you didn't reaffirm, you have no liability for any deficiency balance. Call the lender and tell 'em to come get it.
If, you were a no asset bk then, the debt is deemed discharged even if it wasn't listed.
Were I you, I'd send a copy of my bk discharge and a letter stating they're not to contact you about the matter anymore.
They still have a security interest. Unless you have enough equity to pay off the first mortgage and then satisfy the HELOC, I doubt they'll try and foreclose.
I you stop paying the first mortgage, the lender will eventually foreclose. Did you reaffirm the mortgage?

[jelo6875]

Nope our lawyer advised us to not reaffirm ANYTHING!!! So we didn't! I just wondered if I quit paying the home equity line of credit but still made the mortgage payment if they could foreclose on the home? We got a low income mortgage loan when we bought the house 15 years ago for 27000 and still owe 19000 on the loan so I doubt there is enough equity??? We owe $13000 on the home equity loan.

[newbie2]

Nope our lawyer advised us to not reaffirm ANYTHING!!! So we didn't! I just wondered if I quit paying the home equity line of credit but still made the mortgage payment if they could foreclose on the home? We got a low income mortgage loan when we bought the house 15 years ago for 27000 and still owe 19000 on the loan so I doubt there is enough equity??? We owe $13000 on the home equity loan.

The equity is determined by taking your market value of the home and subtracting the outstanding mortgages. You didn't state what your home is worth, so we can't figure out whether there is equity in your home.

[jelo6875]

We had tried to sell house 3 years ago and it was on the market for $49900....we got an offer of $41000 but then they could not get financing.....will they go by that??

[newbie2]

We had tried to sell house 3 years ago and it was on the market for $49900....we got an offer of $41000 but then they could not get financing.....will they go by that??

No. 3 years ago is a long time in the real estate market. You should talk to a local real estate agent about what the current market value is for your home.

[jelo6875]

How will I know this? "If, you were a no asset bk then, the debt is deemed discharged even if it wasn't listed"
If the home equity loan is not paid and there is not enough equity to foreclose will they attach the balance to the deed of the house??

[newbie2]

The debt is discharged, but the lender still has the right to foreclose. Your responsibility to pay is gone, but in reality if you don't pay then they can foreclose. Also, if you ever intend to sell the home you would have to pay that 2nd lien at the time of closing in order to release the lien from the home. (Unless you did a short sale).

As far as "no asset" your bankruptcy papers will let you know if you were a no asset case or not. (IF you were an asset case you would had to send some money to the trustee to distribute to your creditors, or given up an item of value to the trustee)