Legal Question in Bankruptcy in Idaho

Time limit to foreclose

My chapter 7 B.K. was discharged in Aug 04. I closed a business on March 02 and two creditors from that business had placed consenual liens on my house. This put them in 3rd and 4th positions behind my 1st mortgate and home equity loan.

I want to refinance but I am not sure how these liens effect that. They have never foreclosed and I have not requested removal of them. Since the business debt I had personally guaranteed was discharged and these liens were for additional security for that same debt that was discharged can I get the liens removed so I can refinance?

For the value of the house and the amounts of the 1st and 2nd liens, their is not enough equity left to cover the amount of the 3rd and 4th liens (the one in the 3rd position is by itself for more than $400k and the house is only worth $170k) with 1st and 2nd motgage balances totalling about $140k. Any suggestions appreciated....

Asked on 11/10/04, 12:38 am

1 Answer from Attorneys

Jared Martens CHRISTIAN & MARTENS LAW GROUP, P.C.
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Re: Time limit to foreclose

Sounds to me like the 3rd and 4th mortgages are unsecured and should have been discharged with the banruptcy.

208-322-6448

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11/10/04, 11:58 am

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