About Chapter 13 suggestion

[cafiler]

Good Morning to everyone!

I have no idea about Chapter 13 except that i know its for the people who makes good money and that you have a repayment plan, unlike chap 7 you wipe out your debt.

what will happen if you file chapter 13 and you have a second Mortgage?
will it be wipe out? how does it work.

Scenario:

no job, receiving unemployment , 6 months behind on house payment.
1200 a month is what the unemployment check. 1800 a month is the house payment itself excluding expenses.
Cannot modify the payment. so now thinking of filing bk.

house value 160k
owed from lender 400k
first morgtgage is 280 2nd is the remaining from the 400k
Any suggestion and information about the outcome if bk is the option.

[UpsideDownMI]

You would not qualify for a chapter 13. You need to have steady income that can support your expenses to qualify. You are going to have to get a decent paying job, if you are going to have any chance at keeping your house bk or not. Based on the numbers you listed, you would be able to strip your 2nd mortgage if you qualified for a 13. However, you would still be 120k upside down. Would a lien strip even be worth it?