How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Maverick Your Own Question

Maverick
Maverick, Attorney
Category: Bankruptcy Law
Satisfied Customers: 3525
Experience:  Bankruptcy Law With An Accounting Degree - 13 + years as civil lawyer
16823287
Type Your Bankruptcy Law Question Here...
Maverick is online now
A new question is answered every 9 seconds

I need to file for bankruptcy on my home, which has a HELOC

Customer Question

I need to file for bankruptcy on my home, which has a HELOC for 110,000 . my first has a 112,000 balance. the home is valued at 120,000. if I CAN MAKE THE HELOC GO AWAY, AND I CAN JUST MAKE ARRAINGMENT WITH THR FIRST MORTG. TO WORK OUT A PLAN TO MY PYMNTS ON FIRST ONLY ? THAT WOULD BE GOOD. IS IT POSSIBLE?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Maverick replied 5 years ago.

 

If you have a second mortgage on your house, and the value of the residence is less than the balance due on the first mortgage, you can strip off the second mortgage and treat it as an unsecured claim. However, you can only do a second mortgage strip off if there is not one single dollar of house value to "secure" it, and you stay in your Chapter 13 until its completion.

 

Please click ACCEPT so I can get credit for my work. We can continue our conversation after this at no additional charge.

 

Maverick, Attorney
Category: Bankruptcy Law
Satisfied Customers: 3525
Experience: Bankruptcy Law With An Accounting Degree - 13 + years as civil lawyer
Maverick and other Bankruptcy Law Specialists are ready to help you
Expert:  Maverick replied 5 years ago.

If you can see this just click reply. You have already paid the $15 so there should be no further charge.

Expert:  Maverick replied 5 years ago.
What the law about this is saying is that if the current fair market value of your house is less than the 112k balance on the 1st mortgage, then you can ask for the 2nd mortgage to be stripped if you file a chapter 13 BK and complete the chapter 13 payment plan.
Customer: replied 5 years ago.

I was thinking of chapter 7 bankruptcy. I want to continue to pay on my first mortg. and not include that in the bankruptcy, only include the second mortgage. Can I do that?

Expert:  Maverick replied 5 years ago.

The mortgage stiff off to my knowledge in only currently available under chapet 13 and even then only under the circumstances as stated above, There is a bill that broadened these powers that passed the House but it has not yet passed the Senate as of March 09.

 

Since the second mortgage is secured by the home, I doubt it could be eliminated in a chp 7 if it can barely be eliminated in a chp 13.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
< Last | Next >
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
  • http://ww2.justanswer.com/uploads/TL/tleeders/2012-6-13_204815_TSL1.64x64.jpg Terry L.'s Avatar

    Terry L.

    Attorney

    Satisfied Customers:

    2204
    Better Business Bur 15yrs bankruptcy experience. Chicago Bar
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    950
    B.A.; M.B.A.; J.D.
  • http://ww2.justanswer.com/uploads/CO/cortrightlaw/2011-12-5_4117_Kevin.64x64.JPG cortrightlaw's Avatar

    cortrightlaw

    Attorney

    Satisfied Customers:

    490
    Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
  • http://ww2.justanswer.com/uploads/Jay1968/2006-12-03_004423_JoeRossPhoto.jpg JoeLawyer's Avatar

    JoeLawyer

    Attorney

    Satisfied Customers:

    376
    Attorney in the practice of Bankruptcy Law since 1996
  • http://ww2.justanswer.com/uploads/DY/Dylatess/2012-9-11_1968_BHBTemplePhoto.64x64.jpg dylatess's Avatar

    dylatess

    Attorney

    Satisfied Customers:

    370
    35 plus years of experience specializing in bankruptcy law
  • http://ww2.justanswer.com/uploads/US/USLawAnswers/2012-9-20_23143_20090105211638Headshot3b.64x64.jpg Brent Blanchard's Avatar

    Brent Blanchard

    Bankruptcy Attorney

    Satisfied Customers:

    315
    Twelve years experience in all aspects of debtor & creditor BK.
 
 
 
Chat Now With A Bankruptcy Lawyer
Maverick
Maverick
407 Satisfied Customers
Bankruptcy Law With An Accounting Degree - 13 + years as civil lawyer