Second Mortgage Home Loan
Then the second mortgage on my house (80-20) to be erased in bankruptcy? The house is worth less than the first
I two mortgages and I intend to go into bankruptcy. I heard that I can get the second loan be erased through bankruptcy because it is ulnsecured debt because the value of the house is totally under even the first loan? Is it possible? under Chapter 13 or even Chapter 7?
No, no, no. You can not do that. I hope you do not pay a lawyer to give you this information, and I no idea where you heard it, but it is 100% not true. This is not an unsecured debt … b / c your home was used as collateral, and therefore the lien was placed against your home … if you see your title, you will find on the second mortgage is in a position to second place. It does not matter what the value of your home is … This is not a consideration for the court bankruptcy. You must understand that filing bankruptcy is not as easy as it was. If you just went hog wild and go on Current credit cards b / c you mismanaged your money, you can not file for more … those days are gone. This is why people were lost to last year is to lay before the law changed. You must have a very, very valid reasons for unusual why you can not pay your bills. A bankruptcy, if the court allows you to file only allows you to wipe all due payments that you have spent on your house, but not the loans themselves. If you can not continue to make payments, the court will eliminate the accounts of the bankrupt, and you lose your house to either close or if you have the option of doing an act in place. You really need to do more research on how they work.
HELOC Details – If you Have Second Mortgage
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