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2nd mortgage problem

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chrslytp Joined: 22 Feb 2011 Posts: 1 1.00 Dollars($)	Posted: Tue Feb 22, 2011 10:29 pm    Post subject: 2nd mortgage problem Like 0 Dislike 0 I have a friend whose is in financial crisis. Her boyfriends brougth the house in 2005 only in his name. His 1st mortgage for $685,000.00 just approved the loan modification and he can afford to pay. But he also have a 2nd mortgage with his girl friend's name on it and owed about $130,000.00 and late payments for about 90 days. and also have a few credit card owed jointly with his girlfriend. What should he do in this case...? Is filing bankrutcy benefits for both and keep the home ? Can bankrutcy get ride of the 2nd and the credit cards? Please advise..thanks
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Wed Feb 23, 2011 2:16 am    Post subject: Like 0 Dislike 0 Hi chrslytp! Welcome to forums! Bankruptcy filing can be a good option in this case. Your friend will be able to save the property and get rid of the credit card debts if he files bankruptcy. Your friend should contact a bankruptcy attorney and discuss his case with him/her and he/she will guide him regarding which Chapter of bankruptcy he should file. Feel free to ask if you've further queries. Sussane

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