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Strip A Second Mortgage With Bankruptcy

If you're facing foreclosure on your home and have a second mortgage, it might be time to consider Chapter 13 bankruptcy instead of allowing a foreclosure. You may be able to strip a second mortgage with bankruptcy and keep your home. When a home is worth less than is owed on it, a bankruptcy judge can strip liens back to the actual value of the home at the time of bankruptcy filing. So, if your first mortgage and second mortgage add up to more than your home is worth, you can get rid of any amount owed over the value of the house and still keep the house. The remainder of money that you owe over the value of the house now becomes unsecured debt. Filing bankruptcy this way may allow you to keep your house, since you will now have smaller payments and owe what the house is actually worth.

Fast Facts

  • When a home is mortgaged for more than it is worth, it is not really a secured debt, because nothing is securing the amount over the value.
  • Liens cannot be stripped in a Chapter 7 bankruptcy filing

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