Tag Archives: Second Mortgage

Getting Rid of a HELOC in Bankruptcy

Ok, pop quiz time. For those of you that are familiar with the term HELOC (Home Equity Line of Credit), please answer the following question: A HELOC is most similar to: A Credit Card (or other unsecured debt) A Home Mortgage (debt secured by home equity) A man that comes and opens your doors when [...]

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I Have Equity in My House – Can I Still File for Bankruptcy?

Hands down the most common questions I receive from potential bankruptcy clients is regarding their family home. When you think about it, this should come as no surprise as this is often the family’s largest personal asset. In addition, there is often a tremendous emotional attachment to one’s home. Somewhere between the years of saving [...]

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Can a Second Mortgage Lender Foreclose On My Home?

I recently met with a client who was debating filing for Arizona chapter 7 bankruptcy protection. This client owned his family home, but had two mortgages against its value. He wanted to reaffirm the primary mortgage rather than include it in the bankruptcy proceedings as he wanted to retain the family home. He did not want to [...]

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