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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.
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.
Can you reaffirm your first mortgage without reaffirming your second mortgage after filing bankruptcy?
You should file a 'proof of claim" with the bankruptcy court and take you place in line to be paid...whcih will likely be a few pennies on the dollar.
Can you keep your home if you file chapter 7 bankruptcy and owe more on your second mortgage than the first?
yes
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.
Strip second mortgage?
Yes, you can strip the second mortgage in a bankruptcy if your house is worth less than the combined first and second liens. If you have any question, contact me @ 321-945-4404. Arvind Mahendru, Attorney at Law, Orlando FL
If you sold your home and did not sell for enough to pay the first and second mortgage what happens to the second mortgage lien?
Was the 2nd lien included in and discharged in your bankruptcy? If not, then that lien still encumbers the title to the property and is probably a debt you still owe.
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.
What are the dangers of a second mortgage foreclosure?
The biggest problem with second mortgage foreclosures is that you can lose your home even if you are still current on your first mortgage. The second mortgage, if defaulted on supersedes you first mortgage.
Why does the second mortgage holder have to approve of the first mortgage refinance?
The second mortgage holder typically needs to approve the first mortgage refinance because they hold a subordinate position to the first mortgage. Refinancing the first mortgage could impact the second mortgage holder's position, so their consent is often required to make changes to the primary loan.
Can you file bankruptcy on a second mortgage and multiple credit cards?
It depends on what you want to do with the house secured by the second mortgage and which chapter of bankruptcy you file. First, regarding the credit cards, yes you can always file on multiple credit cards so long as they were not used in anticipation of bankruptcy. Generally it is a good idea to wait at least 90 days since any card was used before filing the bankruptcy case, and DO NOT make any charges once you think you may file bankruptcy. The run-up-the-cards-before-filing-bankruptcy technique many people think is so clever may be deemed fraud and can result in a federal lawsuit (called an Adversary Proceeding) and repayment of the debt plus attorneys fees. Second, regarding the second mortgage: If you want to keep the home, the second mortgage must be kept also UNLESS you are filing Chapter 13 AND the amount of the first mortgage exceeds the value of the home at the time of filing. So, in the vast majority of cases, if you file bankruptcy you are stuck with all mortgages if you want to keep the home. By way of example of the rare instance when a junior mortgage can be discharged in bankruptcy, say your home is worth $100,000, and you owe $101,000 on your first mortgage. If you file Chapter 13 (repayment plan), you can "strip" the second mortgage (and third, fourth, etc) since the amount owed on the first mortgage exceeds the value of the home. In Chapter 7, you have to keep all mortgages regardless of the value. Another example, say you owe $99,999 on the first mortgage and the home is worth $100,000, and you have a second mortgage on which you owe $50,000. The entire $50,000 second mortgage survives no matter what chapter of bankruptcy you file because it is secured by $1. Yes, only $1 can commit you to the entire second mortgage. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!
If I file for bankruptcy can I still refinance my mortgage?
You would probably be better off refinancing your mortgage first and then applying for bankruptcy later on. My mom had to file for bankruptcy due to credit card debt she could not pay.
