Legal Question in Bankruptcy in Georgia

2nd Mortgage balloon payment due - can't pay it

My husband and I purchased a new home 3 years ago with a 90/10 loan - builder financed 10%. The second mortgage involved payments for 3 year with balance due 3rd year. Unfortunately, during those three years, due to my company filing bankrupcy, we lost some income and fell behind in our bills. While we are now recovering and gaining ground, our credit is still too poor to allow us to refinance home and get cash out to pay second morgtage or obtain a loan to pay it off. Bankruptcy seems to be our only option. In filing chapter 13, would we be able to keep our home (even with two morgages) or is bankruptcy even the best option? Please help. I am currently in middle of high-risk pregnancy and cannot take this stress much longer.


Asked on 1/29/05, 4:03 pm

1 Answer from Attorneys
Bernd Stittleburg Stittleburg Law Offices, LLC

Re: 2nd Mortgage balloon payment due - can't pay it

In order to advise you properly, I would need some additional information. Please visit my web site at www.4georgiabankruptcy.com and complete my questionnaire and I will evaluate your situation at no charge.

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Answered on 1/30/05, 12:05 pm


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