I'm $80K underwater. Both mortgages are through BofA, 1st is for $360K and second is for $36K. I was planning on chapter 7 BK...can I bk 2nd???
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You can only get rid of a 2nd mortgage (have it stripped) if you file chapter 13.Filed Chapter 13 on 2-28-10. 341 completed 4/14/10. Confirmed 5/14/10. Lien strip granted 2/2/11
0% payback to unsecured creditors, 56 payments down, 4 to go.... -
You can BK both of them but the liens will survive. What some people have done is file for Chapter 7 and include both loans. They then negoatiated with 2nd to remove the lien for a lump sum payment. This is a gamble as they may not do it. Search this forum for more info. The safest way if you are not a gambler is to do a Chapter 13. I have been researching this strategy for my own upcoming BK.Over Median Chapter 7 Filed (No asset case) - 341 Held - Discharged & Closed Jan 2012Comment
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