What happesn to a 125 mortgage in Chapter 13
Date: Wed, 03/10/2010 - 18:23
confused on what happens to a 2nd mortgage with 125% ltv during a chapter 13. My house is worth 260 and my first mortgage is 250 and my 2nd has 60 left. Can I discharge the unsecured portion of that 2nd mortgage in the Chapter 13?
Quote:Originally Posted by Anonymousconfused on what happens to
Quote:
Originally Posted by Anonymous confused on what happens to a 2nd mortgage with 125% ltv during a chapter 13. My house is worth 260 and my first mortgage is 250 and my 2nd has 60 left. Can I discharge the unsecured portion of that 2nd mortgage in the Chapter 13? |
You could have strip off the second mortgage if the value of the property was less than what you owe on it. But, unfortunately, when you have equity on your property stripping off the second mortgage isn't possible.
