0
Can you reafirm your 1st mortgage and file bankruptsy on your second mortgage?
Wiki User
∙ 14y ago
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.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
After foreclosure is there a benefit of filing Bankruptsy?
After a foreclosure, the mortgage company or bank will send you a 1099-like form showing forgiveness of the balance due on the mortgage, including the costs of foreclosure. This is income to you and you will have to pay income taxes on that amount unless you file bankruptcy. You can also remove any unsecured debt that would otherwise make it harder to start over.
Can you file bankruptsy on a federal student loan?
The only way is to show undue hardship and you will probably need a good lawyer.
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.
Is it better to file bankruptsy or be late on bills?
It is less detrimental to your credit score to be late on paying your bills (more than 30 days late) than it is to file bankruptcy.
How do you record a 2nd mortgage?
You file it in the same registry as the first mortgage.
What if you do not pay house bills?
File for bankruptsy or see a credit help agency.
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 did not reafirm your mortgage after filing chapter 7 how do you keep your house?
You had to sign and file a "statement of Intention" indicating if you were surrendering the house or reaffirming the debt. If the mortgage company did not send you a reaffirmation agreement, or your lawyer did not prepare one, you should still be able to keep the house, assuming you have continued to make the mortgage payments. If you did not, and are seriously in arrears, you will have to see if a chapter 13 is possible. See a knowledgeable bankruptcy lawyer.
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 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 a matured car loan get repo?
Any car you owe money on can be repod, unless you file bankruptsy
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.
After foreclosure is there a benefit of filing Bankruptsy?
After a foreclosure, the mortgage company or bank will send you a 1099-like form showing forgiveness of the balance due on the mortgage, including the costs of foreclosure. This is income to you and you will have to pay income taxes on that amount unless you file bankruptcy. You can also remove any unsecured debt that would otherwise make it harder to start over.
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 keep your home if you file chapter 7 bankruptcy and owe more on your second mortgage than the first?
yes
Can you file bankruptsy on a federal student loan?
The only way is to show undue hardship and you will probably need a good lawyer.
