2nd Mortgage ??

[bull]

We are filing BK next week and I had a question about our 2nd mortgage (I am planning on asking our lawyer Monday, but wanted opinions).

Our 1st has a balance of $58K
Our 2nd has a balance of $28K

They last appraisal we had showed the value at $68K.

Is there any way to avoid the lien on the 2nd? Or..is the amount over the $68K considered unsecured and therefore dischargable?

Any words of wisdom would be greatly apprecaited.

[EdytaHome]

Did you get your 2nd mortgage on over 100% of the value of the property? Those type of equity loans are really bad bad news.
I think you are stock with it, you'll have to keep the 2nd mortgage if you want to keep the house. Or you could surrender your house and discharge the debt.

[bull]

I kinda figured we would be stuck with it. We did the 2nd about 8 years ago when I worked for a company that was sold and went from $70K to $30K in a weekend. Started our slow slide that has us here in the first place.

We are gonna keep the house, we cannot put our kids through a move and new schools. Thanks for the info.

[robivi3]

You'll have to keep the second to keep the house. I would keep my home.

[bull]

Thanks. If that is what we have to do, we will.