Question about bankruptcy?

[davensl]

What is the name of your state? My state is Mississippi

I have a first mortgage on my home through USDA.I took out a 2nd mortgage for home repairs with another mortgage company.Since that time I have had lung surgery for cancer,I am 72 an my only income is social security.I would like to know if I could file bankruptcy on the 2nd mortgage,and still keep my home.Any information would be appreciated.

Thanks,
davensl

you can file bankruptcy, but in order for you to keep your house, you're also gonna have to keep the 1st and 2nd mortgage.

Anyone feel free to correct me if I am wrong, since we are just in the beginning process ourselves....
In my state of Missouri, one of the first things I asked our attorney was about keeping our house and getting it refinanced as a part of the bankruptcy case, so that we could afford the payments easier. (I had read some posts on here where refinancing was mentioned.) The attorney said that while it is very very rare to get a first mortgage refinanced, it is quite common to get a second mortgage refinanced/reduced. Not sure if you've tried to refinance yet, but if you have and have been denied, perhaps this might be a way to get that done. Depending on how severe your financial situation is, it might be enough to make the difference between keeping your house or not.
Also, if SS is your only income, you should qualify for some kind of "Senior Services" help. Here in Mo. there are several different local and federal programs designed to help the elderly/disabled folks keep/get housing. Some are loans at very very low interest rates, usually these loans are for home repairs, but since you have already gotten the repairs, perhaps there is a way they might do some kind of a loan transfer or something. I would start my search at your local Division of Aging and see where they direct you. Hope this helps and good luck!