Bankruptcy and Modifiying Second Home

[simon2020]

Does anyone know if a bankruptcy trustee or judge can modify a second home? I know the judge - at this time cannot modify the rate/payment for a first home, but 2nd/vacation homes are possible to modify based on the Chapter 13's plan.

If you or someone you know went through this scenario I would like to know how the BK courts took care of the modification?

Thanks.

[simon2020]

Comments?

No one has any comments or experiences with this situation?

[justbroke]

You just asked this in another thread. You probably shouldn't ask the same question in multiple threads as they won't get answered.

http://www.bkforum.com/showthread.php?p=226374&posted=1#post226374

I did answer your question in the other thread. I had a 2nd home which I decided to surrender. Especially after the Trustee told me I'd have to pay $200K to my unsecured creditors in order to keep it.

For what it's worth, this is done by Motion to the court. What you would do is ask to have the claim bifurcated into a secure and unsecured component.