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I’m Thinking of Filing a Chapter 13 Bankruptcy to Strip Second Mortgages on Two Homes – Rey

“Dear Steve,

I own two properties one is a single family home which is our primary residence and the other is an income property. Both houses have a second loan. The second loan in the income property is for $175,000.00 founded through a private lender with a high interest rate. I owe about $65,000.00 on credit cards, personal line of credit, and attorney fees. I want to file chapter 13 to get rid of the credit debt and hopefully be able to eliminate the second on both houses.

The first loan of the primary residence is $331,800.00 and Zillow estimates $331,900.00

the first loan on the income property is $491,173.00 and Zillow estimates $590,00.00


Dear Rey,

Well it sounds like you should certainly click here to find a local bankruptcy attorney and discuss a chapter 13 to strip the seconds from the properties. It might just be possible.

Worth investigating if it will better help you to make ends meet.

Please post your responses and follow-up messages to me on this in the comments section below.

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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