{"id":1692,"date":"2015-07-14T19:19:34","date_gmt":"2015-07-14T19:19:34","guid":{"rendered":"https:\/\/sacramentobankruptcylawyer.us\/?page_id=1692"},"modified":"2015-07-14T19:20:48","modified_gmt":"2015-07-14T19:20:48","slug":"how-to-erase-your-second-mortgage-in-chapter-13-bankruptcy","status":"publish","type":"page","link":"https:\/\/sacramentobankruptcylawyer.us\/chapter-13-bankruptcy\/mortgage","title":{"rendered":"How To Erase Your Second Mortgage in Chapter 13 Bankruptcy"},"content":{"rendered":"
If you are behind on your mortgage payments, filing a Chapter 13 bankruptcy case may be your best option for catching up your past due payments. Once you fall behind on your mortgage payments, it is difficult to catch them up without some assistance. Borrowing money to catch up your mortgage payments will not resolve your issues. In fact, it often makes your financial situation worse and you will eventually face a foreclosure action. However, filing a Chapter 13 bankruptcy<\/a> allows you to catch up the past due payments over a 60-month term while also resolving your other debt problems. In some cases, you may be able to get rid of a second mortgage completely by filing bankruptcy.<\/p>\n When you file under Chapter 13 of the Bankruptcy Code, you must file a bankruptcy plan and serve a copy of the plan on all of your creditors. The bankruptcy plan provides details about how you propose to reorganize your debts such as catching up your mortgage payments, paying your unsecured creditors a percentage of what you owe on the accounts, and paying other secured debts such as car loans. Your proposed plan may also include various motions to value liens or avoid liens. One motion that is beneficial to some debtors is the motion to value a second mortgage at zero. If the motion to value your second mortgage is granted, you can get rid of a second mortgage in Chapter 13.<\/p>\nFiling a Motion to Get Rid of a Second Mortgage in Chapter 13<\/h2>\n