If you are one of the many homeowners who purchased your primary residence with an 80-20 mortgage, or if you took out a second mortgage loan in the past few years, did you know that you can erase that second or 2nd mortgage loans from your home in a chapter 13 bankruptcy?
The thirteenth chapter of loan modification offers an important and often overlooked option to consumers who have a second and even a third residential mortgage on their residence. If the current fair market of your home has been determined by an appraisal or prepared by a license real estate appraisal is below the present outstanding balance of your first mortgage including any arrears, your second mortgage loan can be stripped. And the debt associated with it can be classified as a general unsecured debt, like a credit card debt. To benefit from this provision, you would have to meet the requirements in accordance with the law.
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