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In chapter 13 does the court consider the outstanding balance of the mortgage on an investment property as a secured debt even if the actual market value of the property is considerably less?
Wiki User
∙ 15y ago
Yes a mortgage is pretty much the textbook example of a secured loan. The amount that the property may fall short of paying off the mortgage becomes an unsecured debt, but that is only known after the sale of the security.
Wiki User
∙ 15y ago
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