My Home is Worth What?! - Don't Panic: 9 options for your Underwater Mortgage


Financial Revival Group

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Things You Need To Know Before Filing Bankruptcy




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Consumer Bankruptcy: Fundamentals of Chapter 7 and Chapter 13 of the U.S. Bankruptcy Code, Third Edition


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Can only 1 person on a mortgage file bankruptcy?

I am contemplating filing bankruptcy but my stillness will not be. He is on the mortgage with me, Will this be a problem?


You can organize on your own, but he will be notified that you filed.


You can folder on your own, but he will be notified that you filed.


Who knows.

Can you include your 2nd mortgage in bankruptcy?

We are looking at claiming bankruptcy because we are unable to keep up with our bills and are sinking fast. We have a primary mortgage and a 2nd mortgage on the same property- can the second mortgage be included in the bankruptcy?


Yes, ALL debts and ALL assets must be listed on your bankruptcy schedules. You do not get to pick and pick out which debts to include and which not to include.

However you need to be aware that any debt that is secured by a perfected lien

What happens to your house if your mortgage company files bankruptcy?

I've been reading about some mortgage companies filing for bankruptcy so what would come to pass to your house in that situation? Would you get to keep it? Do you automatically lose it? Who would get it in that instance?


If the mortgage holder goes bankrupt you will set up your payments as usual. Although they may be sent to the court. Eventually the court will sell off your mortgage to another company and you will pay them each month.
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