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Removing A Second Mortgage Through Chapter 13 Bankruptcy

If you have two mortgages against your primary residence, and the value of the home is lower than what you owe on the first mortgage, it may be possible to remove the second mortgage through Chapter 13 bankruptcy.

In other words, if there is not enough equity in your home to secure the second mortgage, you can remove the second mortgage through bankruptcy proceedings. In many cases, eliminating the second mortgage allows homeowners to keep their homes.

I am Roger Kraft, a Utah bankruptcy attorney serving clients throughout the Salt Lake area. To discuss your debt relief options, please call my office in Midvale at 801-871-8353 or 800-640-3207, or complete my contact form. I can assess your specific situation and help you decide on a debt relief strategy that is right for you.

Understanding The Process

If you have heavy debts but also have significant assets such as real estate, Chapter 13 bankruptcy may be the best way of resolving your debts while keeping your property.

In Chapter 13 bankruptcy, to remove a second mortgage against your primary residence, it will be necessary to commence legal proceedings against the junior lien holder. These proceedings occur within your bankruptcy case and are known as “adversary proceedings.” With regard to eliminating a second mortgage, the main issue in these proceedings is to determine the value of your home. Factors to consider may include appraisals and tax notices, as well as home sales in your neighborhood.

Note: Appraisals specifically for refinancing are often high. When determining whether a second mortgage can be removed through bankruptcy, it is important to consider what you could actually sell the home for if it were put on the market. I can help you look at the totality of factors and determine whether eliminating a second mortgage is feasible in your case.

Contact Roger A. Kraft, Attorney at Law, P.C.

To schedule your free consultation, please call 801-871-8353 or 800-640-3207, or complete my contact form. Evening and weekend hours are available by appointment. My office is centrally located near all courthouses from Provo to Ogden. My rates are affordable, and I accept credit cards.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.