Legal Question in Bankruptcy in Maryland

What if I have a 2nd mortgage?

I am debating whether or not to file Chapter 7. I have a 1st & 2nd mortgage on my home. There is not enough equity in the home to be considered for sale (in my opinion). If I list the 2nd mortgage but not the 1st on the bankruptcy filing will the home be foreclosed?


Asked on 12/10/01, 10:26 am

1 Answer from Attorneys
Joseph Trevino Law Offices of Joseph A. Trevino

Re: What if I have a 2nd mortgage?

I take it you are filing on your own, without attorney. You have to disclose your entire financial situation on the petition. An attorney can be very helpful in advising and keeping you out of trouble. When you ask abt. foreclosure, do you intend to discontinue the mortgage payments on the 2nd trust.??? If you drop the 2nd because there is no equity to cover it, you are talking about "stripping" one and paying other. There are a lot of factors to consider here. For example, what debt are you trying to discharge.?? Is it just the 2d trust?? Call me for free consult. No obligation. Joe Trevino. 1800-924-6217. Thank you and good luck.

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Answered on 12/10/01, 12:03 pm


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