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Old 08-07-2002, 09:34 AM
lmcarda
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home second mortgage

What is the name of your state? IOWA

Can I file against the second mortgage on my home in chapter 7 and keep the first mortgage . The second mortgage is considerable higher then the first.
I had a second mortgage (line of credit)when I refiananced my home a few years ago , when we paid off the second mortgage , the loan(line of credit) was never closed, which brought the second mortgage up to first mortgage, and the new larger loan became the second mortgage. The first mortgage is for $30,000 and the second mortgage is for $89,000.
  #2  
Old 08-07-2002, 09:40 AM
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Depends on the value of your home.
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Old 08-07-2002, 12:28 PM
lmcarda
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my home is tax valued at around $90,000. thanks for the reply
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Old 08-07-2002, 12:33 PM
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The assessed value is not important. What could you resonably sell the home for? If it is less than the combined mortgages, it is very possible a portion of the 2nd could be stripped. But, if theire is enough equity in your home to cover both mortgages, it's not likely.
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Old 08-07-2002, 02:12 PM
lmcarda
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in my neighberhood the home would bring maybe $50,000. It needs some TLC.
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