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carole richter Asked:

My husband and I are filing chapter 7 due to my prolonged unemployment, now he has lost his overtime and we are having trouble making the mortgage and the second, both with B of A. We are current, but are classified as imminent default as I pay later and later every month. Either food or mortgage.We owe $383.000 and it\'s only worth $138,000, we tried to refi and tried to get it modified. Both times we were told \"do not qualify\" Unemployment too much. We are seriously thinking about just letting it go , but we both have serious moral issues with not paying for where we live. What is your suggestion. My husband says just pay the first and leave the second, but won\'t they repo on that too? [Riverside CA]



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Answer Provided by: Paul-Anthony Coronado [10/12/2009]

If you are filing chapter 7 there is no need to pay for either mortgage this is what your attorney will tell you unless you are going to try and save the home and bk the second but i would consult with my attorney regarding how they want you to proceed. you can also short sale the property.