Can I File Bankruptcy On My Second Mortgage Only?

Bankruptcy laws are very strict when it comes to reporting your outstanding debt. If you have a second mortgage that is getting behind you will not be able to file bankruptcy just against that debt. You will have to file against all your debt, including your first mortgage. Chapter 13 bankruptcy, if this is the course you follow, will allow you to keep your home and make payments on your debts as set forth by the court. This is the only way that you can claim bankruptcy against your second mortgage and still keep the home. If you file Chapter 7 Bankruptcy you will be required to liquidate all your assets to cover your debts. This includes your home to cover any mortgages.

I Am Ok With My First Mortgage But Behind On The Second What Should I Do

If you are current with your first mortgage but not your second, you have a few options available to you. First, you may be able to refinance your first mortgage for enough money to cover your second mortgage debt. This will wipe out your second mortgage all together and alleviate you from being behind. If this is not an option you can apply for a loan modification against your second mortgage. Lenders are offering an option to reduce interest and monthly payment amounts to keep people from going into foreclosure. You will need to contact your lender for details.

Can I File Bankruptcy And Not Include Any Of My Mortgages

When you file bankruptcy you must notify the court of any and all debt and any and all assets. This includes first and second mortgages. The bankruptcy court will not let you pick and choose which debts you wish to pay and which ones you want absolved. Bankruptcy is an all or nothing deal.

Related posts:

1. Can I Keep My Home If I File Bankruptcy On My Second Mortgage?
2. Does A Bankruptcy Clear My Second Mortgage Loan?
3. Does A Bankruptcy Clear My Second Mortgage Loan?
4. How Do I Buy A House With Poor Credit?
5. What Happens To My Home Mortgage During Bankruptcy?