Legal Question in Bankruptcy in Wisconsin

If you can prove that the value of your home is less than the first mortgage balance, you can remove the 2nd mortgage lien by having your lawyer file a separate adversary federal court lawsuit during a successful chapter 13 case. Talk to an experienced bankruptcy lawyer in your vicinity as soon as possible if you wish to remain in your home. Ownership of the funds used to pay the loan will not help you at all since it is not a legally relevant issue. If there is more than one borrower and they are not spouses, the other borrower will also have to repeat the adversary lawsuit process in order to clear the title. If the loan balance is more than the cost of doing that twice, your attorney might also be able to negotiate with the second mortgage holder into removing their lien voluntarily.

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