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Posted On: September 2, 2010 by Scott Sagaria

Bankruptcy and a Second Mortgage

A San Francisco bankruptcy attorney talks about bankruptcy and a second mortgage...

Can bankruptcy assist with my second mortgage?

Yes. In a chapter 13 bankruptcy, if the current market value of your home is less than the primary mortgage amount, you can remove the second mortgage and treat it as unsecured debt. This means that you will only be responsible for making your primary mortgage payments each month. Depending on your income, there might be some repayment to unsecured creditors, but upon completion of your chapter 13 plan, the second mortgage will no longer be attached to your home.

If you have questions regarding bankruptcy in San Francisco or bankruptcy in the greater Bay Area please contact our San Francisco Bankruptcy Attorneys at (415) 946-8882 or (1800) 941-6730 for a free consultation or visit www.sagarialaw.com and request a free face to face appointment in a Sagaria Law office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Client Care Specialists and Bankuptcy staff supporting San Francisco and Bay Area consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Francisco Bay Area!

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