reeltrouble
New Member
I realize that BK judges do not, as of yet, have the ability to modify mortgages. However, in the following situation, could my 2nd mortgage debt be discharged in a bankruptcy?
Home value is currently $285,000
1st Mortgage = $265,000
2nd Mortgage = $117,000
I am considering moving back to this house, but cannot afford both payments. I cannot get a modification, since my income is not documentable. The 2 mortgages are held by different banks.
If I file BK, can the judge elect to release me from the debt of the $117,000 mortgage, if I continue paying the 1st? I can afford the 1st payment, but not the 2nd, and would like to keep the home.
Thank you!
Home value is currently $285,000
1st Mortgage = $265,000
2nd Mortgage = $117,000
I am considering moving back to this house, but cannot afford both payments. I cannot get a modification, since my income is not documentable. The 2 mortgages are held by different banks.
If I file BK, can the judge elect to release me from the debt of the $117,000 mortgage, if I continue paying the 1st? I can afford the 1st payment, but not the 2nd, and would like to keep the home.
Thank you!