Dear Bankruptcy Adviser, I am underwater on my house and have a small amount past due on the mortgage. I have tried to resolve the issue with the mortgage company but haven’t had any luck.
How to Strip a Second Mortgage or HELOC in Chapter 13 One plus to filing for Chapter 13 bankruptcy is that you may be able to get rid of second or third mortgages on your home or get rid of home equity loans or home equity lines of credit (also known as HELOCs).
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Dear Bankruptcy Adviser, I filed a Chapter 7 bankruptcy that was discharged in 2009. I was paying my second mortgage loan to the bank for 4 years without a reaffirmation agreement.
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Chapter 13 Bankruptcy and Your Mortgage. Chapter 13 bankrupcy does not affect your home mortgage. You continue to make your mortgage payments during and after the bankruptcy. If you are behind in mortgage payments, you can pay off the arrears through your Chapter 13 repayment plan (which lasts three to five years).
Second Mortgage Debt Settlement After Chapter 7 Bankruptcy. Where there is adversity, there is opportunity. If you have a second mortgage, like a HELOC or similar loan on your property, and there is no equity beyond the first mortgage, we may be able to negotiate a release of the second mortgage for a significantly reduced settlement amount.
So, in summary, making an offer to settle the balance on the 2nd after a Chapter 7 Bankruptcy, should aim to pay (I originally wrote 10% of the balance or less, but nowadays the percentage at this writing in 2018, must be much higher). However if the house is seriously upside down on the 1st mortgage already, you may be able to offer lower.
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