How Do You Remove A Second Mortgage And Possibly Using Chapter 13?
• Determine the market value of your home. To eliminate your second mortgage first you need to determine what the market value of your home is. Generally you can obtain a good estimate by visiting sites such as zillow.com. From many real estate websites you can obtain a relatively good estimate of your home’s market value and comparable sales. • Determine the difference. Once you have obtained an estimate of the value of your home you need to examine whether the value of your home is at or below the outstanding balance of your first mortgage. If your home is valued at or below what the outstanding balance is on your first mortgage then you may be able to lien strip your home in a Chapter 13 bankruptcy. If you are able to lien strip your home in a Chapter 13 bankruptcy, then your second mortgage will be treated as unsecured debt. Depending on your bankruptcy plan you may pay as little as 0% to your unsecured creditors over the life of your Chapter 13 plan. Consult with an experienced ba
