QUESTION
We had a Chapter 7. On our Schedule D our 2nd mortgage was included in the bankruptcy in 2012. Can we reopen the bankruptcy and remove this lien?
Asked on Nov 27th, 2020 on Bankruptcy - California
More details to this question:
Currently we are trying to secure a VA loan. In order to do the loan we need to pay the 1st (235k), and the second we offered Real Time Resolutions 125k through the VA refinance. In order to get the loan, we have to pay off all our personal loans and credit card debt of 70k, so our income to debt ratio is acceptable for the loan. We have HUD who agreed to 14,500., and Golden 15k (Business rents). Our house appraised at 520k, the loan would be for 468k. Everyone is willing to take the money so that we can refinance, EXCEPT the 3rd position Real Time Resolutions (RTR). They want to see a letter that the VA will not guarantee the loan unless we pay off our personal and loan debt of 70k. My husband and I will NEVER work again. I collect SSDI, and my husband is 100% disabled through the military. Can this be assisted through a lawyer? HUD is second position because of the dates of filing, and RTR knows this.
1 ANSWER
Bankruptcy Attorney serving Burbank, CA
Partner at
Law Office of Mark J. Markus
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3 Awards
There is not enough information to answer your question here. How was the lien to Real Time Resolutions created? Was this a judgment lien, or a voluntary lien you placed on the property?
If it was a judgment lien and it existed on the date your Chapter 7 case was filed, then you may be able to seek to reopen your case to avoid the lien. But you will need to obtain a valuation of your property as of the date your case was filed, and the balances owed to all other mortgages and liens against the property at that time.
Avoidability of the lien is a mathematical calculation and we need these specific numbers to do the calculations.
If your bankruptcy case was filed in the Greater Los Angeles Area, I can assist with this. You can contact me to go over your options at https://www.bklaw.com/contact/
Answered on Nov 30th, 2020 at 10:58 AM