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Old 08-11-2002, 08:18 PM
seanks
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Question

2nd mortgage and bankrupsty

What is the name of your state? Kansas


We are considering filing bankrupsty and have questions about our mortgage. We want to keep our home and are current on our first mortgage. However, we have fallen behind on the second and they aren't willing to work with us to help us avoid filing BK. If we have a first and a second mortgage, it's my understanding that neither of these can be discharged, but can the company holding the second mortgage be forced to take smaller payments for a few months by filing BK?
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Old 08-11-2002, 08:43 PM
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It really depends on the LTV on your house. For example, say you owe $125K on the 2 mortgages combined and your house is worth less than that, you may be able to strip away all or part of the 2nd mortgage and put it in an unsecured position. Discuss this carefully with an experienced bk lawyer.
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Old 08-12-2002, 01:43 AM
seanks
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I'm not sure I understand what you mean. How could we strip away part of the second mortgage? As a matter of fact, the two mortgages combined are more than the house is actually appraised at. We haven't located an attorney yet, just in the process of looking around. I posted my question here to get some ideas of what I need to say to an attorney. I appreciate your reply, I'm just not sure I understand what you mean.
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