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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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What are the rules for getting a 2nd mortgage (2nd lien holder

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What are the rules for getting a 2nd mortgage (2nd lien holder on my house) discharged in a bankruptcy?
Hi JACustomer,
Do you want to keep the house?
Customer: replied 5 years ago.
We are short-selling the house, it would be a lot easier to get it sold if we can discharge the 2nd mortgage.

You can discharge the second mortgage in a Chapter 7 Bankruptcy, but you cannot have the lien removed in a Chapter 7. The discharge will remove your liability to pay the second mortgage, but you will not be able to Short Sell the house - unless the second mortgage company agrees to remove the lien. (Sometimes you can get the first mortgage company to pay something to the second mortgage company in exchange for removing the lien.)

You can only have the lien removed at the end of a Chapter 13 Bankruptcy, which is up to 5 years after filing.


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Thank you.

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