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Can you keep your house if you file for bankruptcy on a second mortgage?
Wiki User
∙ 11y ago
Absolutely...in fact if you file BK you must include them
EVERYTHING you own and EVERYTHING you owe is included in the BK and must be reported. They are given different classes, some debts can't be discharged and some assets cannot be taken, and the assets are used to pay the liabilities. YOU CANNOT PICK AND CHOSE WHAT IS INVOLVED.
Secured loans have first call on the money from the sale of the asset that secures the debt...if it isn't enough to pay off the loan...the remainder is a claim as any other general creditor against all other assets.
Wiki User
∙ 15y ago
Wiki User
∙ 11y agoI guess not but if you do a loan modification that would be great atleast your payment for the house will be hold until the loan is will be finalized and you still have enough time to save up some money to pay for some remaining loans you have. as long as you can dont file for bankruptcy.
Wiki User
∙ 11y agoFiling BK can cost anywhere from about $1,000 and up, based upon the atetrnoy and how complicated your case is. Seek out a reputable BK atetrnoy. He will, most likely petition the court to provide funds for his service to assist you in your filing if you truely cannot provide funds for your own legal counsel. A good BK atetrnoy will not charge you for your first visit so he can evaluate your situation to see if he can help (read: earn money off of you). However, I would caution against filing BK unless you REALLY have to. Have you contacted your creditor so see if you can work out an arrangement? If not, you should. If they know you are seriously contemplately BK, they will most assuredly want to discuss alternatives with you because when you file BK, they will end up with nearly nothing if anything at all.
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Can you file bankruptcy if your first mortgage is 170000 second mortgage is 300000 and the value of the house is about 300000?
Yes...those factors make no difference.
Can you file for bankruptcy if you have a second mortgage?
Bankruptcy is of an individual or a corporation can not distinguish between creditors.
Can you file bk on second mortgage?
You don't file bankruptcy "on" any debt. You file bankruptcy because you can't pay your debts, and they must ALL be listed. If the house is worth less than the first mortgage payoff, the second may be crammed down in a C. 13. If the plan is not completed, it may be resurrected.
Can you file chapter 13 bankruptcy keep your house but get rid of a second mortgage?
It depends on whether the second mortgage attaches to any equity in the property. If the house is worth as much or more than the first mortgage balance, you may well be able to.
Do both parties on a joint mortgage have to file bankruptcy on a joint mortgage?
No, both parties on a joint mortgage do not need to file bankruptcy. They can file a joint bankruptcy or a single bankruptcy.
Filed chapter 7 bankruptcy is second mortgage gone?
If you are keeping your house and you have a first and a second, your second will not go away. If you are letting your house go, then the first and second will go. If your house is more than or equal to your first mortgage and you file a chapter 13, then your second will be "gone" in the end.
What happens when the second home is placed in bankruptcy by mistake and is not your primary residence?
what happens when you file bankruptcy and your second home you own as an investment is placed in the bankruptcy by mistake the house getsfor closed on and sold but no title search is done to see that there are actually two mortgages on the house who is responsible for the second mortgage
Can you file bankruptcy on a second mortgage and continue to pay on a first mortgage?
Better consult an Attorney in your jurisdiction for the same.
You sold your house in a short sale The first mortgage was forgiven but the second was an equity line The bank said you had a mortgage dificiency Can you file bankruptcy now for the deficiency?
Yes, you can file a Chapter 7 to have the debt liquidated or a 13 to go into repayment.
Can you keep your home if you file chapter 7 bankruptcy and owe more on your second mortgage than the first?
yes
Can you reafirm your 1st mortgage and file bankruptsy on your second mortgage?
That would be a good trick No if you go bankrupt all of you goes bankrupt, Unles you have freinds in high places. Can't spell and is dangerously wrong. You can only "cram down" the second mortgage in a Chapter 13, and only if there is no equity for the second to attach to. But it can be done if you meet those criteria. You don't "file bankruptcy" on a debt. You file bankruptcy and list all your debts.
Do you have to declare bankruptcy if you default on your mortgage?
No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.
