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My loan was 100% financing. An 80-20 with the same lender. The 80% is is affordable but the second isnt at all..its at 10 percent interest rate.
The 80 alone is more than the home is worth, let alone the remainder 2nd

Does Chapter 13 release the second now? I heard the court drop the second. Is this true?

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Niicss · Posted: Thu Aug 06, 2009 3:57 am Post subject:

As far as I know, current bankruptcy laws allow judges to approve the modification of the terms of certain debts like auto loans, student loans and second-home mortgages. In the case of second mortgages, if the value of the property falls below the loan amount, the courts can remove the second mortgage. This process is known as lien stripping. This is specially done if the asset does not have enough equity after deducting senior liens from the property's present market value.

elnoralittle · Posted: Thu Aug 06, 2009 4:34 am Post subject:

have you tried contacting the second about a loan modification?

erickinney01 · Joined: 02 Aug 2009 Posts: 51 0.00 Dollars($)

Despite the general rule, two exceptions may apply so as to allow lien stripping of a mortgage on a personal residence: loans based on a home plus other collateral.

lien stripping is most common on undersecured mortgages, there are also several other ways to avoid second mortgages in Bankruptcy.

lien stripping can take place if

Company	Loan Type	APR	Est. Pmt.
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