Question: Can i wipe out the home equity line of credit with bankruptcy after the first mortgage is modified?

(Posted by: NOEL on 2010-01-09 19:23:03)

Posted by: Bobali on 2010-01-09, 19:57:46

I have a " home equity line of credit ". When I got it, the lawyer, sometimes refers to it as a "second mortgage "., the only difference is that you get better mortgage rate, usually Prime + or - 1 point. So, if you understand that this way, when you go bankrupt, the procedure will be the same as in a normal bankruptcy case : you could lose your house or not (It depends if it is your primary home or a second one (see a lawyer dealing with bankruptcy laws)).

Posted by: Jennifer on 2010-01-13, 06:29:52

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