Posted on: 01st Sep, 2010 01:23 pm
We have a first and a second. First is valued with late fees and penalties at 247.2k, our second is values at 80k. we just had our home appraised at 244k my attorney sayd we can gamble and file 13, but she cant guarantee they will strip the second because we dont have a 2% cushion. if we do a 13, then learn we cant keep the home, we can then turn it into a 7, but for a 600 charge of course. Sale date is in 3 weeks. do you think they will strip the second or should we give up now?
hi jenniferpayer!
welcome to forums!
you will be able to strip off your second mortgage if you file chapter 13 bankruptcy. the bankruptcy court will strip off the second mortgage if you do not have equity to satisfy the payments of the second mortgage lender after your first mortgage balance is paid off. you can check out more on lien stripping from the given page:
http://www.mortgagefit.com/bankruptcy/chapter13-lienstripping.html
in my opinion, this is a better option compared to a chapter 7 bankruptcy filing.
feel free to ask if you've further queries.
sussane
welcome to forums!
you will be able to strip off your second mortgage if you file chapter 13 bankruptcy. the bankruptcy court will strip off the second mortgage if you do not have equity to satisfy the payments of the second mortgage lender after your first mortgage balance is paid off. you can check out more on lien stripping from the given page:
http://www.mortgagefit.com/bankruptcy/chapter13-lienstripping.html
in my opinion, this is a better option compared to a chapter 7 bankruptcy filing.
feel free to ask if you've further queries.
sussane