Question by  lanka2389 (11)

What is involved in claiming bankruptcy on a second mortgage in Virginia?

Is bankruptcy an alternative to foreclosure?


Answer by  lexib228 (123)

If you file chapter 13 you can strip your second mortgage completely as if you never had one pending you successfully making all payments to the bankruptcy trustee. This is true for all states considering the mortgage industry and subprime lending. This cannot be done under a chapter 7.


Answer by  Dean (4035)

Bankruptcy is a complex legal matter governed by federal law. Consult an attorney for advice about what is involved, which is far too complicated to discuss here.


Answer by  mb (5482)

If you file Chapter 11 protection it will affect all of your assests (first and second mortgage). Prepare to lose your 2nd property, you won't be able to keep it.


Answer by  Jalaine11 (2043)

It depends on the type of bankruptcy you file. Chapter 13 sets up a plan to pay back your debit. You will still be required to make you mortgage payment. Chapter 7 eliminates debt but will not guarantee you keep your home. Filing bankruptcy may give you time to not make payments and find the best option for you.

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