Can the 2nd mortgage loan on my home (80-20) be erased within a ruin? The home is worth smaller quantity than the first
I have two mortgages and I plan to go into collapse. I heard that I can get the second loan be erased through collapse since it is ulnsecured debt, because the value of the home is totally less than even the first loan?
Is it possible? below Chapter 13 or even Chapter 7?
Answers:
A loan does not grasp "erased." It is a matter of determining if what funds are available to pay the loan through liquidation of assets, or repayment plan. Source(s): Former Recorder of Deeds
if your 2nd is unsecured, it's not a true mortgage.
chat to a BK lawyer, you may loose the home if you name the mortgage lender(s) as a debtor.
No, no, no.
You can't do that.
I sure hope you didn't pay an attorney to hand you that information, and I enjoy no idea of where you hear it, but it's 100% not true.
It is NOT an unsecured debt...b/c your home was used as collateral, and that is why the lien be placed against your home...if you check your title, you will find out the second mortgage is in second lien position.
It doesn't matter what the advantage of your home is...that is NOT a consideration for the bankruptcy court.
You necessitate to understand that filing for a collapse isn't as easy as it used to be. If you just go hog wild and just starting running up credit cards b/c you mismanaged your money, you can't record for one anymore...those days are gone. That is why people were trouncing down the door last year to file beforehand the laws changed. You have to own a very, very valid, unusual object for why you can't pay your bills.
A bankruptcy, IF the court allows you to directory, only allows you to wipe away any past due payments you hold on your home, but not the loans themselves. If you cannot continue to make the payments, afterwards the court will eliminate those accounts from the bankruptcy, and you'll any lose your home to foreclosure or you have the option of doing a action in lieu.
You really need to do some more research on how they work.
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Is it possible? below Chapter 13 or even Chapter 7?
Answers:
A loan does not grasp "erased." It is a matter of determining if what funds are available to pay the loan through liquidation of assets, or repayment plan. Source(s): Former Recorder of Deeds
if your 2nd is unsecured, it's not a true mortgage.
chat to a BK lawyer, you may loose the home if you name the mortgage lender(s) as a debtor.
No, no, no.
You can't do that.
I sure hope you didn't pay an attorney to hand you that information, and I enjoy no idea of where you hear it, but it's 100% not true.
It is NOT an unsecured debt...b/c your home was used as collateral, and that is why the lien be placed against your home...if you check your title, you will find out the second mortgage is in second lien position.
It doesn't matter what the advantage of your home is...that is NOT a consideration for the bankruptcy court.
You necessitate to understand that filing for a collapse isn't as easy as it used to be. If you just go hog wild and just starting running up credit cards b/c you mismanaged your money, you can't record for one anymore...those days are gone. That is why people were trouncing down the door last year to file beforehand the laws changed. You have to own a very, very valid, unusual object for why you can't pay your bills.
A bankruptcy, IF the court allows you to directory, only allows you to wipe away any past due payments you hold on your home, but not the loans themselves. If you cannot continue to make the payments, afterwards the court will eliminate those accounts from the bankruptcy, and you'll any lose your home to foreclosure or you have the option of doing a action in lieu.
You really need to do some more research on how they work.
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