Posted on: 12th Feb, 2010 01:04 pm
due to financial difficulties this past year, we have filed for and been granted chapter 7 bankruptcy. we remain in our home and we have negotiated a home modification program with our lender, nationstar mortgage. we owe $360,000 on the home and it is worth probably $260,000 at the most today. we also have a second mortgage with nationstar in the amount of $100,000. obviously, there is no equity in the home any longer. we cannot afford this second mortgage payment. can we get it stripped? how should we handle this?
hi guest,
filing chapter 13 gives you the option of getting the second mortgage stripped off if you do not have equity in your property. if you are comfortable with filing bankruptcy, you can go ahead with the option and contact a bankruptcy attorney in this regard. he would let you know the details and help you in filing it.
filing chapter 13 gives you the option of getting the second mortgage stripped off if you do not have equity in your property. if you are comfortable with filing bankruptcy, you can go ahead with the option and contact a bankruptcy attorney in this regard. he would let you know the details and help you in filing it.