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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 37824
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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if I file chapter 13 can my second mortage get eliminated

Resolved Question:

if I file chapter 13 can my second mortage get eliminated? do they eliminate any unsecured loans? or cut the balance down at least?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 6 years ago.

If your first loan balance is greater than the fair market value of your property as of the date of filing the bankruptcy petition, then the court can "unsecure" the second loan, and then if you make payments to all of your creditors for the 3-5 years of the plan, then the 2nd loan will be completely discharged, and you will continue to own the property with only a first loan.


Hope this helps.


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