More details to this question:
We are current on our first mortgage (never been late) and behind on our second HELOC loan, both are with the same bank BofA. Our home is now valued at more than the payoff for the the first mortgage. (1st - 147000 2nd - 74000 Home Value 173000).
6 ANSWERS
Personal Injury Attorney serving Glendale, CA
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JT Legal Group
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Yes, bankruptcy can help you catch up with the HELOC. There may be other things it can help you with, or maybe bankruptcy is not right for you. I or anyone else, can't know until you come in and bring all your paperwork.
Answered on Jun 06th, 2013 at 1:34 AM
Antoinette M. Wooten
Have you discussed alternative options with regard to your second mortgage? Do you have a lot of credit card debt? I am not sure that chapter 13 is the right course for you.
Answered on Jun 06th, 2013 at 1:34 AM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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If you want to keep the house then you must keep both the first and second paid. A chapter 13 will not help with the second because the house is worth more than what is owed to the first lender.
Answered on Jun 06th, 2013 at 1:33 AM
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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A chapter 13 could help you. You could try to strip or reduce the second mortgage, since there is not enough equity in the home to cover that mortgage. If you don't want to keep the house, you could file a chapter 7 and surrender the house through the bankruptcy. Your income would have to be below the median income requirement for a chapter 7 case.
Answered on Jun 05th, 2013 at 11:14 PM
Deborah F. Bowinski
A chapter 13 would allow you to try to catch up the missed payments in your HELOC loan as long as you are able to start paying it again. You should schedule a consultation with a chapter 13 attorney.
Answered on Jun 04th, 2013 at 1:00 PM
A Chapter 13 could provide you with the time necessary to bring your 2nd mortgage current again, but there may be other more attractive alternatives that will cost you less money, such as a mortgage loan modification. I would love to hear more about your other debts to be able to provide you with more accurate advice.
Answered on Jun 04th, 2013 at 1:00 PM