Bankruptcy Second Mortgage
Bankruptcy and the elimination of second mortgage?
I recently attended my Ch 13 Bankruptcy meeting of creditors. Once there, you have to sit through other people file review with the administrator. I heard a couple asked if his lawyer was to present a proposal for "adversary" or "dislike" or something (not paying complete attention to the beginning). As the trustee is then referred to his credit this would remove home equity credit loan that was blocked by his house, since it has more value of the house (now I'm paying attention). I discussed this with my lawyer and he said it is "possible" but there are additional charges for filing a motion (in thousands of dollars) and even more if the case has to go really test ($ 10s of thousands). Of course, I'm skeptical because my lawyer never informed me of this option before. I am wandering if anyone else has some knowledge of this and what was the actual term that I can do a little more research. Thank you.
No. You are correct that the loan is guaranteed by the house. The judge can not make it go. There is a bill in Congress today that will allow judges to "cram down" a mortgage or remove it entirely. This project law was not approved. So now the judge has no power over a home loan ..
Part Two- Bankruptcy: Keeping your home and the effect on Mortgages
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