If you file for bankruptcy, is it likely that you can re-assume debt for first mortgage to keep your house, but write off the 2nd mortgage/equity line 11 Answers as of August 22, 2016

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Ronald K. Nims LLC | Ronald K. Nims
If you want to keep your house, you'll need to file a Chapter 13 bankruptcy which can wipe out a second mortgage.
Answer Applies to: Ohio
Replied: 8/22/2016
Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
You are permitted to try this in a Ch. 13, but not in a Ch. 7 case. It requires an appraisal showing that the fair market value of your homestead is less than the balance due on the first mortgage. Talk to a skilled bankruptcy lawyer; it's almost always worth the investment. Good Luck
Answer Applies to: Wisconsin
Replied: 8/9/2016
GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
That's very tricky. Meet with an attorney face to face to discuss numbers. Your question is totally void of numbers.
Answer Applies to: Colorado
Replied: 8/5/2016
A Fresh Start
A Fresh Start | Dorothy G Bunce
The devil will be in the details you have not provided. What is the appraised value of the house? What is the balance to pay off the first mortgage? If the first mortgage is larger than the value of the house, you can apply for lien stripping to remove the second mortgage, but this is only available in the Chapter 13 program.
Answer Applies to: Nevada
Replied: 8/5/2016
Eranthe Law Firm
Eranthe Law Firm | Cate Eranthe
Talk to your attorney! If you file a Chapter 13 and the second mortgage is entirely unsecured then it's possible to strip it off.
Answer Applies to: California
Replied: 8/5/2016
    Danville Law Group | Scott Jordan
    It depends on the value of your home. You should consult with a local bankruptcy attorney for a full analysis.
    Answer Applies to: California
    Replied: 8/5/2016
    Stephens Gourley & Bywater | David A. Stephens
    In chapter 7 generally no. In chapter 13 generally yes.
    Answer Applies to: Nevada
    Replied: 8/5/2016
    Timothy Casey Theisen, P.A. | Tim Theisen
    Yes, but the lien remains in place, meaning a) they cannot sue you and get a judgment and garnish your wages, b) they could potentially foreclose (but they almost never do), and c) the lien will remain against the house, accrue interest and will need to paid when you go to sell the house, unless of course there is no equity, in which case you would either do a short sale or let it go back to the first mortgage.
    Answer Applies to: Minnesota
    Replied: 8/5/2016
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    You can only do that in a chapter 13 case If the first mortgage is more than the value of the home.
    Answer Applies to: California
    Replied: 8/4/2016
    Garner Law Office
    Garner Law Office | Daniel Garner
    That can be done in a chapter 13, PROVIDED that there is no equity securing the second mortgage. If there is even one dollar of equity remaining after covering the first mortgage, then you must maintain payments on the second as well. With property values recovering, that is becoming increasingly difficult.
    Answer Applies to: Oregon
    Replied: 8/4/2016
    Law Office of Stuart M. Nachbar, P.C.
    Law Office of Stuart M. Nachbar, P.C. | Stuart M. Nachbar
    It is possible in a Chapter 13 to strip off a 2nd Mortgage, but only if the real property is totally underwater by the First Mortgage and it can only be done in a Chapter 13.
    Answer Applies to: New Jersey
    Replied: 8/4/2016
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