If you have a 1st and 2nd mortgage can you list the 2nd in chapter 13 bankruptcy and reaffirm the 1st?

%REPLIES% Answer This is one of those "maybe" questions. I would think it doubtful, as you cannot play favorites when it comes to creditors. It will be up to the trustee to decide if that is allowable, and whatever your state statutes allow as exemptions Answer I agree with Nikki, this is a "maybe" question.

And I'll further amend that to "maybe but probably not As Nikki already pointed out, it does depend on the law of the district in which you filed the bankruptcy In Indiana (7th Circuit), you can only wipe out a second mortgage and keep the house if you file a Chapter 13 and you can show to the Court, by filing a separate motion (called a Motion to Strip Mortgage), that you owe more on the first mortgage than the real estate is worth. So, if the second mortgage is completely unsecured, you can wipe it out. But, if it is secured by even one dollar, then the whole mortgage survives and has to be paid.

The case allowing the stripping of unsecured inferior mortgages in the 7th Circuit is First Bank, Inc. V. John R.

Van Wie, et al, Bankruptcy Case No. NA 02-0120-CH/H There is also some variation in the law depending on whether the real estate is the debtor's residence or not See a lawyer in your area to see what laws apply in your district. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.

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