Can You Refuse to Reaffirm a Second Mortgage During Bankruptcy?

Answer Your property secures your mortgage and any secondary mortgages, so it might seem unnecessary to reaffirm, or agree to exclude a debt from bankruptcy permanently, but the lender may require reaffir... Read More »

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Is a second mortgage unsecured in bankruptcy?

Second mortgages are considered unsecured in bankruptcy when the total value of the first mortgage covers the value of the home, according to Nolo. When unsecured, it is possible to discharge a sec... Read More »

How to Discharge a Second Mortgage in Chapter 13 Bankruptcy?

Bankruptcy discharge releases the debtor from liability on the part of the debt. The debtor is no longer required to pay any debt that is discharged, and creditors cannot take action to recover the... Read More »

Can a second mortgage be discharged in a Pennsylvania chapter 7 bankruptcy?

According to Nolo, you can discharge a second mortgage in Chapter 7 bankruptcy. Pennsylvania follows U.S. bankruptcy laws, which allow a trustee to consider a second mortgage as a dischargeable, un... Read More »

Why Would a Bank Not Reaffirm a Mortgage?

When a borrower chooses to file for bankruptcy, a mortgage can take several different paths. Because the mortgage is a primary secured debt, secured through the collateral of the house it was used ... Read More »