| Mortgage Forclosure The forum for everything related to Mortgage Forclosure |
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09-21-2009, 08:11 AM
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Purchaser of foreclosure property responsible...
...for 2nd mortgage forgiven in bankruptcy? 2nd mortgage relieved in bankruptcy & home is now in foreclosure with 1st mortgage bank. If someone buys the property, will they have to pay the 2nd mortgage or is it gone because it was part of the bankruptcy? BTW, the property is in Michigan.
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09-21-2009, 11:55 AM
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who ever buys the property isn't buying the debt. they just buy the property. the debt has to be dealt with prior to the sale. bankruptcy can sometimes wipe out a line of credit or second mortgage look at the bankruptcy discharge paperwork to be sure. good luck
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