Of course it can! Chapter 13 bankruptcy allows you to lien strip, or avoid, a second mortgage lien.
It also allows you up to five years to catch up with payments on a first mortgage.
Do mortgage companies want you to know this!
Hell no!
Robert Doggett, on the ForeclosureBuzz.org blog, has examined many of the government and state agency guides on mortgage modification, and finds disturbing near unanimity in their opposition to bankruptcy as a remedy for mortgage default issues.
This is his conclusion, verbatim from the site:
- Pay up soon, sell everything you have, pay the lender before you pay anything else (presumably even before food or medicine as implied here), and tell the lender everything they want to know about you and your situation.
- Beg the lender to lower the payments (a counselor can help you with that). If you are lucky, a lender might cut you a break.
- If all else fails, get the hell out of the house, and feel lucky you stayed as long as you did.
- Don’t get help from anyone except a counselor that we approve of; the others are scam artists.
Can Filing Bankruptcy Help Me Keep My House?
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