Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
1) Are there one or two mortgages on your home? If there are 2 mortgages, what is the balance of each, and what is the current market value of your home?
2) Are you able to pay the mortgage(s)?
If you file a Bankruptcy, you can have your unsecured debts discharged (eg. credit cards).
However, to keep your house, you have to be able to continue to pay at least the first mortgage. If you want to eliminate the second mortgage, you may be able to do so - if the balance of your first mortgage is more than the current market value of your home.
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1) What is the current market value of the home? (What can it sell for now?)
2) What is the balance of the first mortgage?3) What is the balance of the second mortgage?
Current Value of our home is $179,000.00
Our first mortgage is: $243,982.00
Second mortgage is: $46,000.00
When we bought our home we decided on an 80/20 mortgage.
You didn't respond to my answers to your questions.
Is something wrong?
Most homeowners who apply for modifications are "underwater", so you can apply for a modification.
Also, since balance of the first mortgage is more than the market value of your home, you can have the balance of the second mortgage discharged if you file a Chapter 13 Bankruptcy.