Legal Question in Bankruptcy in Arkansas

Selling my Home
Selling my home. I have two second mortages. The home is worth only what I owe on it. First mortage will take all of the selling price and no money left for the second mortages. What then?
Or do I have to declare bankruptcy to get out of this mess?
Thanks,
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Asked on 1/13/00, 2:31 pm

Joseph Laumann Law Office of Joseph Laumann, PA

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Re: Selling my Home

Normally, the mortgages are secured by the home and the holders will not release title until they are paid.

However, if the companies are willing to release the home as collateral, then you should be able to discharge them in chapter 7 bankruptcy.

I recommend speaking with an attorney in your area prior taking such measures.

Good Luck

Answered on 1/18/00, 8:11 pm

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