Generally any mortgages secured by a home must be paid if the intent is to keep the property. However, when the amount owed on the first mortgage exceeds the value of the home, a chapter 13 bankruptcy can be used to “cram down” the second mortgage and treat the debt as an unsecured debt. Even if there is no equity in the debtor’s assets, a chapter 7 cannot be used to accomplish the “cram down”. Also, a recent 4th Circuit Court decision, Alvarez v. HSBC Bank USA N.A., holds that both spouses must file bankruptcy to accomplish this if both are on the mortgage.
Eliminating Second Mortgages
On Behalf of Law Office of Robert Braverman, LLC, | Dec 2, 2013 | Uncategorized |
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