Hello, my name is Andrew H. Griffin the third, I’m a California bankruptcy attorney with over 35 years of experience You get rid of a second mortgage in chapter 13 bankruptcy But be aware of the opposing expert we’ve talked about dealing with the second mortgage in a chapter 13 bankruptcy It can be a simple exercise So as long as your first mortgage eats up all the equity in the home If the first mortgage eats up all the equity the second mortgage can be treated the same way as any other Unsecured debt in your chapter 13 bankruptcy, every paying example 10 cents on the dollar to your credit card companies You pay the same percentage to your second mortgage through your chapter 13 plan at the end of the case the balance of the second mortgage gets wiped out that is Unless there’s a battle Second mortgage valuation is important as part of what’s called a lien strip You got to prove the value of the property that valuation for you should be done on a full on Appraisal rather than a letter from a real estate broker or online Evaluation service the appraiser will cost a bit of money But nothing compared to the savings you get in a long run from dumping your second mortgage Best bet is to get the appraisal done before your chapter 13 bankruptcy case is filed this way your lawyer has a good idea what to expect in terms of result in the lien strip a dreaded other side Nothing is guaranteed except death and taxes and lien stripping is neither of these two animals Your second mortgage company is going to be affected by your attempt to wipe out their lien on your home So don’t expect things to go down easy the bank can order a separate appraiser and Offer it to the court as proof that the second mortgage should not be stripped in your bankruptcy case from there Is up to the bankruptcy court to decide which appraisal to believe Your best bet for lien stripping is to work with your bankruptcy attorney to get an appraisal of your home before the case is filed If the valuation comes back as being close to the balance on the first mortgage consider whether the appraisal takes into account all factors of Valuation from there you and your lawyer can weigh whether attempt this trip is taking mortgage is a good move after all filing for chapter 13 bankruptcy for the primary purpose of trivia lien is only wise if you’ve got a reasonable certainty of xyx s This is Andrew H Griffin the third at andrew griffin law office calm today We’re helping you understand the bankruptcy process. You want to learn more about bankruptcy go to andrew Griffin law office Calm to download a copy of my free book