Legal Question in Bankruptcy in New York
second mortgage bankruptcy
Can loan modifications be altered by the loan company if the secondary loan by the same loan company is eliminated as unsecured debt during a bankruptcy later
Asked on 5/27/09, 5:24 pm
1 Answer from Attorneys
Craig Robins
Law Offices of Craig D. Robins (www.BankruptcyCanHelp.com)
Re: second mortgage bankruptcy
A loan modification, if done the right way, becomes a permanent change to the mortgage and it is recorded with the County Clerk.
Thus, if you later file for bankruptcy and try to cram down the second mortgage, the mortgagee cannot revise the terms of the first mortgage, even if there was a loan modification.
For more information about cram downs and bankruptcy, please check out my bankruptcy blog: www.LongIslandBankruptcyBlog.com
Answered on 5/28/09, 9:26 am
Related Questions & Answers
-
Albany, NY - Payment Advice Statement I have filed bankruptcy chapter 7 after my... Asked 5/26/09, 12:36 pm in United States New York Bankruptcy Law
-
Deferred Student Loans - Do I have to list student loans and include them under... Asked 5/20/09, 10:39 am in United States New York Bankruptcy Law
-
Bankruptcy On what bankruptcy schedule do I include a medical judgement under? Asked 5/20/09, 9:53 am in United States New York Bankruptcy Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
