Kentucky | Bankruptcy
Legal Question
On 2nd Mortgage
What are the bankruptcy law on your 2nd Mortgage of a home loan?
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Read More Answered By: Steven Schiller |
Re: On 2nd Mortgage Usually, a second mortgage has the same status as a first: that is, if you intend to keep the residence, you will have to pay the mortgage (although, if you are behind on the mortgage, a chapter 13 will give you an opportunity to catch up payments over an extended period of time). However, if the 2nd mortgage is completely unsecured (that is, if the first mortgage comes to as much or more than the residence is worth), it is possible to discharge all but a small percentage of the 2nd mortgage in a chapter 13. If you have questions about how this can be done, feel free to contact me at 859-261-6811 or the email address below. |
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