Legal Question in Bankruptcy in Pennsylvania

Modification of Rights of Secured Lender
About a years and a half ago, my in-laws were in the midst of serious financial troubles. My father-in-law had his own business (incorporated), which was not bringing in much income. In order to sustain the business, they took several mortgages using their residence as collateral. Finally, they consolidated the various mortgages, and various unsecured business loans and debts, and various personal household loans and debts into thier current first mortgage. The first mortgage is about equal to the value of the residence, they are prohibited from refinancing for five years.

My in-laws filed for chapter 13 bankruptcy a few months ago (about a yr and a half after entering into their current mortgage). Can the first mortgage be modififed?

--name removed--Gary--name removed--
[email protected]
610-254-0278 (home and fax)
Pennsylvania

Asked on 3/05/03, 12:27 am

Matthew Nahrgang Nahrgang & Associates, P.C.

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Re: Modification of Rights of Secured Lender

If the refinanced mortgage is only secured by their principal residence, the mortgage cannot be modified.

I trust this has been helpful, but feel free to call or E-mail on a free intial basis.

Answered on 3/05/03, 12:51 pm

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