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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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CAN I FILE FOR BANKRUPCY IF MY FIRST MORTGAGE IS 145,00.00

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CAN I FILE FOR BANKRUPCY IF MY FIRST MORTGAGE IS 145,00.00 SNF MY SECOND IS 285.000.00??? I AM 6 MONTHS BEHIND AND FACING POSSIBLE FORCLOSURE
yes, you can file a chapter 7 and both would be discharged, if the home is appraised for $145,000 or less, the court would wipe out the second lien, and convert it to unsecured debt in a chapter 13, and make you pay pennies on the dollar.
Customer: replied 6 years ago.
MY HOME IS APPRAISED AT 300.000.00. NOT 145,000 CAN I STILL KEEP MY HOME I DONT WANT TO LOSE IT. 1ST MORTGAGE OWED AT 145,000.00 2ND AT 285,000.00
you can keep your home, you would file a chapter 13 bankruptcy, but the court will require you to pay the current mortgage payments on both loans, but will reduce your other debts, and force the bank to allow you to pay the back payments over 60 months.
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