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This is a complex question. In general a bankruptcy will only effect the mortgages if you try to change them some way in the bankruptcy proceeding. This all depends on the chapter you filed, if you are behind on payments, how much the mortgage company wants to work with you, your income / expenses, etc.
Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.
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Can you keep your home after filing bankruptcy if you have a second mortgage if you want to reaffirm with your first mortgage?
Whether or not a home is forfeited depends on the state or federal homestead exemption, and if the lender is willing to reaffirm the loan agreement. Second mortgages are considered secured debt and have the same legal standing as first mortgages.
Can they take your second home in bankruptcy?
Unfortunately yes. Bankruptcy is a real sacrafice. Oh...they can take your first house too.
Did the US ever declare bankruptcy?
The U.S. twice declared bankruptcy. The first was right after the revolutionary war, and the second time was in 1933.
Are second mortgages required to be recorded in Official Records in Florida?
ALL mortgages/liens on property have to be recorded. If they don't record then they can loose their position ( ie... first, second, third). That would not be good for them. They also can not foreclose thru the courts.
What exactly are second mortgages?
A second mortgage is a secured loan on a house (or property) which is subordinate to another loan against the same house or property. In practical terms, in case of default, the first leinholder (first mortgage holder) is paid first. Second mortgages are often considered to be 'home equity' lines and are frequently used for home improvement purposes or debt consolidation.
What is the best approach to file for bankruptcy?
The best approach to file for bankruptcy is to first evaluate your current situation. Is it truly bankruptcy? How will this affect you? If you decide that bankruptcy is the only way, this is what you must do. Contact a bankruptcy attorney to make sure that it is all done correctly. That is the only way to make sure.
Is affect an accent on second syllable?
No, the word "affect" is not accented on the second syllable. It is accented on the first syllable: "af-fect."
If there are two mortgages first one larger than the second one an the first one gets enough to cover their loan what happens to the second loan can they take other property you have like land?
What was the question again?
Can you file bankruptcy on a second mortgage and multiple credit cards?
It depends on what you want to do with the house secured by the second mortgage and which chapter of bankruptcy you file. First, regarding the credit cards, yes you can always file on multiple credit cards so long as they were not used in anticipation of bankruptcy. Generally it is a good idea to wait at least 90 days since any card was used before filing the bankruptcy case, and DO NOT make any charges once you think you may file bankruptcy. The run-up-the-cards-before-filing-bankruptcy technique many people think is so clever may be deemed fraud and can result in a federal lawsuit (called an Adversary Proceeding) and repayment of the debt plus attorneys fees. Second, regarding the second mortgage: If you want to keep the home, the second mortgage must be kept also UNLESS you are filing Chapter 13 AND the amount of the first mortgage exceeds the value of the home at the time of filing. So, in the vast majority of cases, if you file bankruptcy you are stuck with all mortgages if you want to keep the home. By way of example of the rare instance when a junior mortgage can be discharged in bankruptcy, say your home is worth $100,000, and you owe $101,000 on your first mortgage. If you file Chapter 13 (repayment plan), you can "strip" the second mortgage (and third, fourth, etc) since the amount owed on the first mortgage exceeds the value of the home. In Chapter 7, you have to keep all mortgages regardless of the value. Another example, say you owe $99,999 on the first mortgage and the home is worth $100,000, and you have a second mortgage on which you owe $50,000. The entire $50,000 second mortgage survives no matter what chapter of bankruptcy you file because it is secured by $1. Yes, only $1 can commit you to the entire second mortgage. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!
Filed chapter 7 bankruptcy is second mortgage gone?
If you are keeping your house and you have a first and a second, your second will not go away. If you are letting your house go, then the first and second will go. If your house is more than or equal to your first mortgage and you file a chapter 13, then your second will be "gone" in the end.
Can you file bankruptcy on a second mortgage and continue to pay on a first mortgage?
Better consult an Attorney in your jurisdiction for the same.
Can you keep your home if you file chapter 7 bankruptcy and owe more on your second mortgage than the first?
yes
