How to Remove a Second Mortgage
Aug 3
1 min read
Updated: Aug 4
Special Episode 5, Short 1
A second mortgage may be removed through Chapter 13 bankruptcy if the home has no remaining equity to support it.
When the property value does not cover the second loan, it can be treated as unsecured debt and eliminated through the repayment plan.
This option is not available under Chapter 7, making Chapter 13 an important solution for homeowners dealing with multiple loans on their property.
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Contact Newport Beach Real Estate Attorneys today -- go to NewportBeachRealEstateAttorney.com or call (800) 233-8521 for a complimentary phone consultation.
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