Legal Question in Bankruptcy in Florida

I am considering Ch13 because my mortgage company is starting foreclosure. i have a first and second mortgage. the house is currently valued at less than the first mortgage. Is it realistic to think i can have the second note converted to an unsecured debt. If so, how do I go about this?


Asked on 10/13/09, 10:35 pm

1 Answer from Attorneys
Matthew Mazur Matthew Mazur, P.A.

If you qualify for a chapter 13 then it may be possible to cram down the second mortgage to an unsecured status. A motion to value collateral is filed and the Court will determine the value of your home in this case. If the value of the home does not provide any equity to secure the second mortgage then it should be eligible for a cram down unsecured. There is a lot more that goes into this analysis. In your situation I would strongly recommend hiring an attorney to assist you.

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Answered on 10/13/09, 11:00 pm


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