What if I cant pay my second mortgage. I owe what my house is worth on my first mortgage. I filed bankruptcy?

ys m asked:


I filed bankruptcy last June . Can they still make me pay on that second mortgage?

Marc

Tags: First Mortgage, House Mortgage, Second Mortgage

This entry was posted on Thursday, July 30th, 2009 at 1:14 am and is filed under Mortgage. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

2 Responses to “What if I cant pay my second mortgage. I owe what my house is worth on my first mortgage. I filed bankruptcy?”

1. v b Says:
   July 30th, 2009 at 8:31 am

   Bernice

   Probably not. However, see IRS publication 4681. They will send you a 1099-C for the cancelled debt. You put this on form 982 and if you ever sell any remaining asset at a gain, you will owe income tax.

2. Doctor Deth Says:
   July 31st, 2009 at 3:31 pm

   Gordon

   did you list both mortgages in the bankruptcy filing?