Avoidance of Second Mortgages in Chapter 13

Posted on August 2, 2009 by Jordan Bublick

Many homeowner's struggling to save their home may be able to avoid their second mortgage under a Chapter 13 plan. In many situations, the balance owed on the first mortgage exceeds the value of the real estate, leaving no equity to secure the second mortgage. In this case, the second mortgage would be considered unsecured in chapter 13 and an order avoiding the lien of the second mortgage may be obtained.

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