Experience Visit http://www.bklaw.com for more information on bankruptcy in general and Mark J. Markus in particular. Many questions are answered on the web page (hint, hint). The Markus webpage also contains more information on
Education/Credentials J.D., University of Arizona 1990. B.A. Economics, California State University, Northridge 1986. For more details please click here
Question Hi, thanks for your time! I just got a modification to my first mortgage but not my second - WAMU is the lender. The second is a HELOC at about 72,000. There is no equity in my home and I can't afford to make the payments on the second. If I do a chapter 7 or chapter 13 - and can prove I have no assets and no equity in my home, can I get the second eliminated? Some of what I've read says yes, some says no. I also have about 10,000. in CC debt to add to it. Thank you!
Answer You might be able to eliminate the second mortgage lien in a Chapter 13 case if the value of the property is less than the total amount owed to the first mortgage, and if your jurisdiction follows the case law that allows that. This is known as lien stripping. You need to discuss this with a bankruptcy attorney in your area.
