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Including Second Mortgage in Chapter 7

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  • 08-31-2010, 04:44 PM
    Jewels10
    Including Second Mortgage in Chapter 7
    Would I be able to include a 2nd mortagage in a Chapter 7 bankruptcy filing in the state of Florida? Market Value of home is approximately 250k with a 1st mortgage balance of 270k. 2nd mortgage balance is 100k.

    Thank you.
  • 09-01-2010, 03:43 PM
    llworking
    Re: Including Second Mortgage in Chapter 7
    Quote:

    Quoting Jewels10
    View Post
    Would I be able to include a 2nd mortagage in a Chapter 7 bankruptcy filing in the state of Florida? Market Value of home is approximately 250k with a 1st mortgage balance of 270k. 2nd mortgage balance is 100k.

    Thank you.

    Any and all debts that you have can and should be included in a bankruptcy. Including a second mortgage.
  • 09-01-2010, 04:23 PM
    Jewels10
    Re: Including Second Mortgage in Chapter 7
    Let me elaborate as I should have done initially...I would want to keep the house (1st mortgage) while including the 2nd mortgage in the filing. Would including the 2nd mortagage mean that I would have to include the home (1st and 2nd mortgages) in the filing?

    Ty
  • 09-02-2010, 06:30 AM
    acip4u
    Re: Including Second Mortgage in Chapter 7
    Quote:

    Quoting Jewels10
    View Post
    Let me elaborate as I should have done initially...I would want to keep the house (1st mortgage) while including the 2nd mortgage in the filing. Would including the 2nd mortagage mean that I would have to include the home (1st and 2nd mortgages) in the filing?

    Ty

    Not sure but i would say yes, check with your lawyer!
  • 09-02-2010, 06:49 AM
    BkAttyMI
    Re: Including Second Mortgage in Chapter 7
    If you wish to keep your house in a Chapter 7, you will have to reaffirm both loans on your home. This may mean that you are "underwater" for the value of your house and it may not even be a good idea to keep it in a Chapter 7. What you're probably thinking of is "lien stripping" in a Chapter 13 case. This is complicated and you should visit an attorney to discuss this possibility.
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