Bankruptcy, Foreclosure and Second Mortgages

Second mortgages are often unsecured loans, just like home equity loans; this means that when home prices have plunged, the owner is stuck with a loan thats not backed up by any tangible asset. Unsecured debts like this can be eliminated in Chapter 13 bankruptcy, which strips any excess unsecured debt that exceeds the actual value of your home. Your second mortgage would exceed the actual value of your home, and therefore that debt would function like any other debt (credit card, etc).

Read more detail on Legal News Directory – Bankruptcy Law

Legal notice about the Bankruptcy, Foreclosure and Second Mortgages rubric : Hukuki Net Legal News is not responsible for the privacy statements or other content from Web sites outside of the Hukuki.net site. Please refer the progenitor link to check the legal entity of this resource hereinabove.

Do you need High Quality Legal documents or forms related to Bankruptcy, Foreclosure and Second Mortgages?

This entry was posted in Bankruptcy Law and tagged , , , . Bookmark the permalink.

Leave a Reply