After Chapter 7
In my chapter 7 I will be giving up my home (through foreclosure I assume) because I have negative equity due to my 2nd mortgage and can't afford to keep that 2nd mortgage. I can get a home loan through a relative who has offered me financing AFTER ch7. My question: Is it possible to buy my home back? How would I go about it? Also would there be any timing issues, since the 2nd mortgage holder will not be able to get his full amount back (the home is not worth that much)? I mean, can the first bank foreclose and sell the home for an amount that gets their money back but where the 2nd mortgage holder doesn't get paid much? How could this work? Thanks for any info on this process.
Answer:
Yes, you can buy your home back, either at the foreclosure sale (a purchase by your relative would be easier and safer) or from the purchaser. Foreclosure sales wipe out all liens.
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