Legal Question in Bankruptcy in California
unsecured 2nd mortgage
is there a way to eliminate my 2nd mortgage which is no longer covered by my property--name removed--but still keep my home and belongings?
2 Answers from Attorneys
Re: unsecured 2nd mortgage
If your home is worth less than the balance owed on the first mortgage, it is possible to use a Chapter 13 repayment plan to remove the second mortgage from your home. Lien stripping cannot be accomplished in a Chapter 7 bankruptcy.
To see if you qualify for Chapter 13 bankruptcy, you really need to speak with an experienced bankruptcy attorney. I suggest that you visit the website for the National Association of Consumer Bankruptcy Attorneys to find an attorney in your area.
Re: unsecured 2nd mortgage
I am sorry, but I don't understand your question. Do you or don't ypou still own the property? You say your name has been removed.
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