I just found BKForum, so i am searching and reading, but wanted to lay out all the facts in my situation:
home is in MN
first mtg now stands at $426k including arrears
second is $51k
recent BPO value was $365-ish
divorced for several years but co-own the home and lived together for economic reasons, sharing expenses. I'm disabled, she provided care and derived income from my MA since we were not 'spouses'. We were no longer able to maintain payments on everything after an income reduction and are now in foreclosure with a sale scheduled next week. We have decided to part ways, and she has moved to a rental already, I am stil in the home but hope to retain possession as far as possible into the spring before i move to my own rental. [house is accessible for me].
We are each filing 7, primarily to walk away from the $110k+ deficiency plus 2 other unsecured loans of $10k and $7k.
in another thread i asked about if only one of us filing [unmarried, so must file separately] will cancel the sale. We are preparing the filings for each of us, but probably will not have both sets ready to file monday. [sale is tuesday]. Sounds like one of us filing will be enough to cancel the sale for now, but not for too long until they get the stay lifted and get back on the sheriffs calendar. Still checking if the advertising requirement resets as well, which in MN is 6 weeks. If it goes through now, i will need to vacate in April 20th or so.
Questions:
Will the 7 completely prevent the 1st and 2nd lenders from pursuing judgements for deficiency? There are no judgements from any mtg or unsecured lender yet, so does the 7 'beat ' them and prevent them from pursuing judgements ever?
Since we are so far under water, with no chance of equity for the lender on the second, will the second lender even attempt to foreclose, or will they just ride it out and write it off after the discharge, assuming they cannot secure a deficiency judgement after the 7?
I have filing questions and form questions for the 7, but i will take those over to the proper forum.
THANK YOU for this wealth of information here! I wish i had found it sooner so i could be better prepared, I will search, but thanks for understanding if i ask stupid questions!
home is in MN
first mtg now stands at $426k including arrears
second is $51k
recent BPO value was $365-ish
divorced for several years but co-own the home and lived together for economic reasons, sharing expenses. I'm disabled, she provided care and derived income from my MA since we were not 'spouses'. We were no longer able to maintain payments on everything after an income reduction and are now in foreclosure with a sale scheduled next week. We have decided to part ways, and she has moved to a rental already, I am stil in the home but hope to retain possession as far as possible into the spring before i move to my own rental. [house is accessible for me].
We are each filing 7, primarily to walk away from the $110k+ deficiency plus 2 other unsecured loans of $10k and $7k.
in another thread i asked about if only one of us filing [unmarried, so must file separately] will cancel the sale. We are preparing the filings for each of us, but probably will not have both sets ready to file monday. [sale is tuesday]. Sounds like one of us filing will be enough to cancel the sale for now, but not for too long until they get the stay lifted and get back on the sheriffs calendar. Still checking if the advertising requirement resets as well, which in MN is 6 weeks. If it goes through now, i will need to vacate in April 20th or so.
Questions:
Will the 7 completely prevent the 1st and 2nd lenders from pursuing judgements for deficiency? There are no judgements from any mtg or unsecured lender yet, so does the 7 'beat ' them and prevent them from pursuing judgements ever?
Since we are so far under water, with no chance of equity for the lender on the second, will the second lender even attempt to foreclose, or will they just ride it out and write it off after the discharge, assuming they cannot secure a deficiency judgement after the 7?
I have filing questions and form questions for the 7, but i will take those over to the proper forum.
THANK YOU for this wealth of information here! I wish i had found it sooner so i could be better prepared, I will search, but thanks for understanding if i ask stupid questions!
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