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Yes. The bank could foreclose and take possession of the property subject to the first mortgage.

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16y ago

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Can you file chapter 7 in Florida and re affirm your mortgage?

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What happens if you dont reaffirm your mortgage when filing chapter 7 in ma?

If it has any equity, the trustee may take it and sell it at auction. If there is little or no euity, the trustee will leave it to the mortgage holder to foreclose. If it is already in forecosure, the mortgagee may file a motion for relief from stay to pursue the foreclosure. Since there are so many foreclosures and people just walking away from underwater mortgages, it may be possible to work out a rental or refi or some other result. Watch out for scams. Use a local bankruptcy lawyer who is familiar with recent developments.


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