Legal Question in Bankruptcy in California
Does chapter 7 discharge a 2nd mortgage not secured by equity?
We owe $80,000 on our 1st and $25,000 on our 2nd mortgage. Our house is appraised at $87,000. Can this 2nd be discharged in chapter 7 since it is over the value of our house?
Asked on 1/12/98, 10:23 pm
1 Answer from Attorneys
Mark Markus
Law Office of Mark J. Markus
Does Chapter 7 Discharge a 2nd mortgage...?
Not under the facts you gave. If your house was worth $80,000.00 or less, you could very likely avoid the lien on the 2nd Trust Deed in a Chapter 13 (nobody's ever done it in a Chapter 7, but I bet there's a judge out there who might grant it). Let me know if I can be of further assistance.
Answered on 1/13/98, 1:03 pm
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