Legal Question in Bankruptcy in California

bankruptcy & 2nd mortgage

Can you file bankruptcy on a second mortgage if the value of your first mortgage is less then what you owe on the first? Which bankruptcy would this be?


Asked on 3/05/08, 10:44 pm

1 Answer from Attorneys
Judith Deming Deming & Associates

Re: bankruptcy & 2nd mortgage

If you file for bankruptcy, you must list ALL your debts and all your assets; you cannot pick just one of the loans on your property. Perhaps you are thinking of allowing just one loan to go into foreclosure (which is not the same as bankruptcy); if that is the case, be aware that a foreclosure on either of those loans will result in you losing the property.

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Answered on 3/05/08, 11:46 pm


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