Posted on: 05th Oct, 2009 08:24 am
is it possible to remove a second mortgage lien after a bankruptcy
There might not be much you can do since you took your home out of the BK you would have still been responsible for making the payments on any liens attached. If they are trying to take advantage of the situation to get your equity they may be doing what is called "equity stripping" which they should not be able to do.
After BK not possible. however during BK it can be done.
to frank,
do you want to mean whether it's possible to remove a second mortgage lien after bankruptcy discharge? if you include the loan in chapter 7 bankruptcy, it will get discharged. if you keep it out of bankruptcy or reaffirm the loan, you will be liable to make payments. even if your mortgage is discharged from bankruptcy, you will have to continue payments, in case you want to keep your house. if you stop payments the second lien holder can foreclose on your house.
do you want to mean whether it's possible to remove a second mortgage lien after bankruptcy discharge? if you include the loan in chapter 7 bankruptcy, it will get discharged. if you keep it out of bankruptcy or reaffirm the loan, you will be liable to make payments. even if your mortgage is discharged from bankruptcy, you will have to continue payments, in case you want to keep your house. if you stop payments the second lien holder can foreclose on your house.
It will be situational decesion.