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I have an opportunity to get a loan modification on my first

Customer Question
mortgage. I am in default...
I have an opportunity to get a loan modification on my first mortgage. I am in default now. The property is no longer worth anywhere near what is owed in both mortgages. I am also in Chapter 13 and the second mortgage holder has not filed for a discharge so they can proceed with foreclosure like the first one did. My question is, can I get the second mortgage eliminated because the property is no longer worth the amount owed? Or is it discharged once my payments to the Bankruptcy court completed?
Submitted: 7 years ago.Category: Real Estate Law
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Answered in 38 minutes by:
12/1/2010
Real Estate Lawyer: Alex Esquire, Attorney at Law replied 7 years ago
Alex Esquire
Alex Esquire, Attorney at Law
Category: Real Estate Law
Satisfied Customers: 16,725
Experience: Experienced Licensed Attorney / Real Estate Law Mentor
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Alex Esquire :

Hello. My name is XXXXX XXXXX I will be glad to help you.

Alex Esquire :

The only way it would generally be discharged if there is not enough equity to secure the first mortgage and any part of the second mortgage. Then it can be converted to an unsecure debt and possibly be discharged. However this is not done automatically and you bankruptcy attorney would have to make sure that it is done.

Alex Esquire :

If I have answered your question please click on the green accept button as this is the only way I get compensated for my time and effort. Bonus and positive feedback are always appreciated. Thank you and good luck!

Customer :

Then if it is not discharged, can the second mortgagee then file for foreclosure? The home has a balance due amount of almost 375K and is worth 300K at best. The second note is for 73K. Do I need to get a company do an evaluation of the worth of the home?

Alex Esquire :

Yes your BK attorney should be able to direct you to a licensed independent appraiser. I am assuming that you are represented by a bankruptcy attorney?

Alex Esquire :

Are you online with me?

Alex Esquire :


If I have answered your question please click on the green accept button as this is the only way I get compensated for my time and effort. Bonus and positive feedback are always appreciated. Thank you and good luck!


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