Equity Loan And Let Them Know My Intentions?

Q: in michigan, i discharged my mortgage note in a bankruptcy which was final in 2004. i reaffirmed an equity loan which has a lien on the home. i received notice that the 1st mortgage company will auction the note in august. the homes in the neighborhood list and sell for about the same amount that is owed on the 1st mortgage note but it won't sell to cover both notes. if i list the house for sale with a real estate agent, do i need to contact the attorney who is handling the foreclosure on the 1st mortgage lien and also the bank that has a lien on the house for the equity loan and let them know my intentions? i cannot afford an attorney and i'm interested in proceeding to list the home as soon as possible. any information regarding the process and my situation is appreciated.

A: in michigan, i discharged my mortgage note in a bankruptcy which was final in 2004. i reaffirmed an equity loan which has a lien on the home. i received notice that the 1st mortgage company will auction the note in august. the homes in the neighborhood list and sell for about the same amount that is owed on the 1st mortgage note but it won't sell to cover both notes. if i list the house for sale with a real estate agent, do i need to contact the attorney who is handling the foreclosure on the 1st mortgage lien and also the bank that has a lien on the house for the equity loan and let them know my intentions? i cannot afford an attorney and i'm interested in proceeding to list the home as soon as possible. any information regarding the process and my situation is appreciated. Auction the note, or your HOME? There's a difference. Mortgage companies sell and re-sell their notes all the time, but that does not affect the rights or duties of the mortgagor (you) to keep the home as long as you keep up the agreed payments on the loan to whoever happens

to currently own the note. OTOH once foreclosure proceedings begin, they are not selling the note, they are forcing the sale of your home to PAY OFF the note. Which means you will still be paying off the equity loan 100% even after you lose the home to satisfy the first mortgagee. You probably won't be able to discharge the equity loan now, since you already chose to reaffirm it in your recent bankruptcy. Which means you will still be paying off the equity loan 100% even after you lose the home to satisfy the first mortgagee. You probably won't be able to discharge the equity loan now, since you already chose to reaffirm it in your recent bankruptcy.