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Can I reduce a second mortgage by filing bankruptcy?
Can I reduce a second mortgage by filing bankruptcy?
All Filing for Bankruptcy Questions & Advice
Am I still eligible for financial aid benefits for school if I file a bankruptcy for my personal debts?
Question: Will I be able to file for financial aid if I file bankruptcy?Can I Use Bankruptcy to Stop Foreclosure and get Caught up on Delinquent Mortgage Payments?
We have been struggling trying to balance credit card bills and our mortgage payment for over a year now, but both my husband and I have had to take...Can I file bankruptcy on medical bills?
I have accrued over $25,000 in medical bills that I cannot pay, and that's not counting the $12,000 I've already put on credit cards. If I file for ...Can I file bankruptcy on spousal support?
Can I file bankruptcy on spousal support? Alimony payments are making it difficult to keep up on my monthly bills since I had to take a reduction in...Can I file for bankruptcy without affecting my wifes credit in New Jersey?
Question: I am married to my spouse and most of my credit cards only in my name have been in...Can I get evicted or have my car repossessed for filing bankruptcy?
Can I get evicted or have my car repossessed for filing bankruptcy?Can I reduce a second mortgage by filing bankruptcy?
Can I reduce a second mortgage by filing bankruptcy?Can a bank close your checking account because of bankruptcy?
Can a bank close your checking account because of bankruptcy?Can a car be repossessed during bankruptcy?
I may need to declare bankruptcy. One of the debts that I’m having difficulty paying is my car loan. If I declare bankruptcy, will that stop the len...Can an employer terminate you for filing bankruptcy?
Can an employer terminate you for filing bankruptcy?Can credit card companies attempt to sue me for filing bankruptcy if I have outstanding debts with them?
Question: Will filing bankruptcy cause all my creditors to file lawsuits against me?Can credit card companies call you at work when you are filing bankruptcy?
Can credit card companies call you at work when you are filing bankruptcy?Can filing for Bankruptcy get me fired?
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I have a balance of $1,560 in my bank account. My credit card from the same bank has an outstanding of $5,800. If I file for bankruptcy, can the ban...Do I redeem or reaffirm debt for property I want to keep? Whats the difference?
If I file Chapter 7 bankruptcy, how can I keep some of my property? Do I redeem or reaffirm debt for property I want to keep? What’s the differenc...Do unpaid Utility Bills get discharged in a Bankruptcy in New Jeresey?
Question: Can unpaid utility bills be dismissed after filing for a Bankruptcy in the state...Family Medical Bills, Laid Off, Lowered Income, Should we file for Bankruptcy?
Question: I own a small business that has stopped producing steady income the last 6 months. My wife has been in and out of the hospital the last 8 ...How can I get my student loans discharged in California?
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We have been discussing filing for bankruptcy for some time, but recently we received a notice of foreclosure from our lender. What do we need to do...I am struggling to make my car payments as well as other bills. Would it be better to file for Bankruptcy or claim Repossession?
Question: I’m having a hard time paying my usual monthly bills and keeping up with my car payments. Should I jus...I tried filing bankruptcy without a lawyer
I tried filing bankruptcy without a lawyer, and filled out all the petitions, schedules and exhibits as instructed, but apparently made a mistake so...If I am about to be evicted, will bankruptcy stop the eviction?
Question: If I am about to be evicted, will bankruptcy stop the eviction?If I cannot work to pay for my auto loan for my work vehicle, is this valid grounds for filing bankruptcy?
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Will my pay still be garnished if I file for bankruptcy?This site does not provide legal advice and users of this site should not interpret any of the information presented here as legal advice. The information provided merely conveys general information related to commonly asked legal questions. We are not a law firm and the employees responding to questions are not acting as your legal attorney. You should ultimately consult with a Lawyer for your case.
Answers
You may be able to reduce a second mortgage by filing a bankruptcy case. If you are already in the midst of foreclosure proceedings, the “automatic stay” that comes into existence when you file will delay the foreclosure proceedings, but not necessarily for a long time. The foreclosing mortgage holder who has already given you proper notice of the foreclosure proceedings can go forward as soon as any state-law notice period or other delay created by state law expires. The mortgagee only has to file a motion with the bankruptcy court for “relief” from the automatic stay, and the bankruptcy court is likely to allow that creditor to proceed with the foreclosure proceedings.
On the other hand, a Chapter 13 bankruptcy may allow you to eliminate the claims of second mortgage holders, depending on the terms of your mortgage with the first mortgage holder. If the first mortgage is secured by the entire home, which it usually is, then theoretically, the second or third mortgage holders don’t really have a secured interest, and the bankruptcy court may be able to strip their claims from your property and discharge them as unsecured debts. Your bankruptcy attorney should be able to provide you with answers that are applicable to your specific case facts.
Talk to a Bankruptcy Lawyer to learn more about how bankrutpcy affects your mortgage, how to eliminate debt and what you can do to save a home from foreclosure.
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Posted by Jason Tong on 07 Jun 2010
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