Second Mortgage and Bankruptcy in Chapter 7
With the fear of a home foreclosure, most people will opt for Chapter 13 bankruptcy. Sometimes however this is not the most ideal option because it requires a steady income and commitment of repayment over a period of years.
Foreclosure may not be preventable under Chapter 7 bankruptcies. Since you are not responsible for repaying your first and second mortgages, your home may be lost. Generally the contract reads that you must either continue steady payment or the house is taken. If foreclosure is a legitimate concern for you, Chapter 13 may be more appealing.
Under Chapter 7, ending a second mortgage is not an option. If your second mortgage and ending the lien on your home is your primary concern, then you should seriously consider filing for Chapter 13.
With a Chapter 13 bankruptcy, you may be able to strip the 2nd mortgage off of your house completely. Once filed, you must return to paying your original 1st mortgage payments almost immediately. A judge has the ultimate say of granting a Chapter 13 or not, but your lawyer is the one who will work with you to determine if your monthly budget plan is feasible or not. The Law Offices of Omar Zambrano are aware of the tricky nature of Chapter 13 bankruptcies, which is why we like to build open and honest relationships with clients so that we can be realistic and ultimately successful.
It’s crucial that you seek proper counsel from a qualified, experienced bankruptcy attorney. The Law Offices of Omar Zambrano are 100% able to give you the guidance that is required to go through the bankruptcy process and make the right decisions for your financial well-being.
Omar Zambrano will provide you with all of the information you need to decide which path is the right path for you.
Call the Law Offices of Omar Zambrano today for a free consultation regarding your second mortgage.
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