I have a second mortgage and a boat loan,, I want to know if I can do a modification or a bankruptcy?

If you have a second mortgage you have two options in bankruptcy court. If your first mortgage takes up most of the value of your house and the remaining equity is less than your Homestead exemption, you may file what is called a 522 motion to avoid lean and stripped the second mortgage from your property. This can be done in a chapter 7 bankruptcy or a chapter 13 bankruptcy. Chapter 13 bankruptcy will also allow you to be able to enter into mortgage modification mediation, this is another tool bankruptcy attorneys can use to help their clients obtain a mortgage modification. If the loan on your boat is up to date, then you should be fine in a chapter 7 bankruptcy, if the loan on the boat is behind, you will need to use a chapter 13 in order to save the boat.   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