I have a 1st Mortgage and A 2nd Mortgage that is a construction loan that needs to convert to permanant loan.

A second mortgage can also foreclose on a property, but they must pay off the primary lender who holds the first mortgage before obtaining the money to cover the second mortgage. In either a chapter 7 bankruptcy or a chapter 13 bankruptcy you may include a second mortgage is very it is either a construction loan or a permanent loan. Also in either chapter 7 bankruptcy or chapter third bankruptcy you may file a motion to avoid lean which is chapter 522 (f)(2) of the US bankruptcy code. If the math works out you could simply strip the lien from your property and only have to deal with your first mortgage. You should seek the advice of a experienced bankruptcy lawyer to determine if this is an option for you.   I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options. Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.    Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law http://fallriverbankruptcyattorney.com/ 901 Eastern Ave.  Unit 2 Fall River, MA 02723  Office:  888-269-0688 FAX:    877-475-8147 #bankruptcy  #lawyer  #FallRiver  #Chapter7  #chapter13  #debt  #debtsettlement  #foreclosure  #attorney   #cantpaybills  #lawsuit  #court  #bankruptcycourt  #eviction  #lostmyjob