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== == NO. Bankruptcy applies to ALL your financial dealings, without exception. You cannot pick and choose which things will be included. Bankruptcy means that you are SO FAR IN DEBT that you cannot pay your creditors, and you are asking the courts to help you to make an agreement with the creditors to accept PARTIAL PATMENT of the debts you owe. One of the basic requirements in a personal bankruptcy is the forced sale of any property, to pay off debts you owe. The house will have to go. It is your penalty for not being more careful about your debts, and re-paying them on time. : : by MONTSAME: Actually, the above answer is completely inaccurate. Bankruptcy doesn't necessary have to apply to ALL of your assets and liabilities. You CAN choose and pick which obligations you would like to fulfill (reaffirm the debt). : To answer the question, the second mortgage can be fully or partially discharged depending on the home value and the size of your first mortgage. Though it is complicated, and in some states they can apparently come after you even after the bankruptcy is complete.

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โˆ™ 2009-09-03 21:39:39
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Q: Can you file bankruptcy on a second mortgage but not on the original one so you can keep your house?
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Can you file bankruptcy on a second house and keep your first house?

You can't file bankruptcy "on" any asset. You file for bankruptcy, listing all your assets and debts, to discharge all dischargeable debts. You can surrender an asset such as a second house and get a discharge on any unpaid amount due on a mortgage, while reaffirming the mortgage(s) on the first house.


Your credit report show your second mortgage being included in your bankruptcy you never re-affirmed the second mortgage do you still have to pay it?

Never get a second mortgage --- only if you want to keep your house. 2nd mortgagees can foreclose on you


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 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 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.


How do you keep your house in a bankruptcy?

I have a reverse mortgage on my home, can it be taken from me in a bankruptcy?


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


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


can i get a loan to fix my house and not take out second mortgage?

can i get aloan to fix my house without taken a second mortgage out


If bankruptcy is filed can you keep your house with a mortgage?

mabey 87% sure


How do you get out of a second mortgage when the house has been sold on a short sale?

How do you get out of a second mortgage when the house has been sold on a short sale?


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 put your house mortgage in on bankruptcy?

Yes you can, in fact, you are required to list all creditors, which would include your mortgage lenders.


How do you buy a second house and get a 2nd residential mortgage when you already have a mortgage on your first house?

Sexytime with banker.


Can you file bankruptcy and own a home?

You can but three things can happen depending on which type of bankruptcy you file. 1. You can either include the home in the bankruptcy and move out. 2. You can declare the house and exclude it from the bankruptcy and continue paying the mortgage. 3. You can include it in your bankruptcy and work out a payment plan with the court to continue paying the mortgage. The short answer is 'yes' you can file a bankruptcy and own a home.


Do you still owe if chapter 7 discharged second mortgage?

If it was discharged, then you don't owe it anymore. However, you can't just assume that any particular debt was discharged by the bankruptcy, it has to be specifically listed. In particular, you probably cannot keep your house AND get your second mortgage discharged.


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.


If you are a joint mortgage holder and the other person on the mortgage files bankruptcy how does that impact the mortgage?

The house won't be affected at all UNLESS... The person filing BK is filing it on the house as well whether it be a 13 (repayment) or a chap 7


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!


Can a second secured mortgage loan be discharged?

Yes, if there is no equity in the house to secure that second mortgage, or the equity is less than the exemption.


If I filed for bankruptcy months before my house was going to go into forclosure & the bankruptcy was complete,then my house was just about to go into forclosure can I still apply for the Obama mrtge relief plan even though I listed my house in the bnkrpc?

Yes, you can still apply for Mortgage Relief after filing bankruptcy.


Will you lose your house if you consider bankruptcy?

You can keep the house if you pay the enquity in your house to the trustee and if the mortgage company itself agrees. You can also consider some bankruptcy alternatives read more herehttp://www.totaldebtservices.com/bankruptcy_alternatives.asp


Husband-and-wife buy a house together the wife's name is not put on the deed until the second mortgage but the second mortgage is now paid off do we still share the deed of trust?

If a husband and wife buy a house together and the wife's name is not put on the deed until the second mortgage, yes, the deed is still shared after the second mortgage is paid off.


If a couple spilt up and later on of the parties decides to file bankruptcy can that person file bankruptcy on a house with a mortgage and both parties name on it?

You don't file bankruptcy "on" anything. You file for bankruptcy for all debts, including a mortgage or mortgages. If the other party has been paying the mortgage and has possession of the premises, there may not be a problem for that person. If there is a divorce order requiring the absent party to pay or pay part of the mortgage, there may be a contempt action for violating that court order.


Can you file bankruptcy on your house after chapter 7 discharge?

Your mortgage should have been included in your chapter 7 discharge. If it was- then you are no longer liable for the mortgage, but the lender can still foreclose on the property. If the mortgage was not included- then why wasnt it included.