A second mortgage can only be stripped in NJ in a chapter 13. It is generally done as a motion incorporated into the Chapter 13 plan. There is not a requirement that a certified appraiser be used, but if motion is challenged by second mortgage, that would be better if the matter was litigated.
No, that is incorrect. As a general rule, you are required to pay any mortgage secured by your home in full. There is an exception in the situation where the house is worth less than the balance on the first mortgage. In that situation, you can eliminate the second mortgage. There must be seperate notice served on the second mortgage. If there is even one dollar of equity, and no other collateral for the loan other than the house, you still owe the second mortgage in full.
As a general rule, you can avoid liability on a deficiency judgment through a bankruptcy. However, various factors which are considered in all bankruptcies, not just those involving deficiency judgments, like nonexempt equity in assets and income compared to expenses, could impact whether you would need to pay anything in your particular case. I would suggest you consult with an experience bankruptcy attorney
You would still have the right to defend the foreclosure action. The impact of the bankruptcy will depend on various factors such as whether there is equity in the property. You may have other options, such as addressing the arrears in a chapter 13 or attempting a mortgage modification
You can generally keep your home in a bankruptcy, but not eliminate your obligation to make mortgage payments. In certain circumstances you can eliminate your second mortgage. You may also be able to do a mortgage modification. You should consult an attorney
The bankruptcy code requires the Judge to make sure you personally understand the impact of reaffirming your debt. If your budget reflects that you do not have sufficient income to make the payments, she will want an explanation as to how payments are to be made. In this circumstance, the lawyer is not involved other than initially explaining to you since court inquires into your understanding
It will not make a difference. Any refund will still be an asset even if return has not been filed. However, depending on your circumstances, you may have sufficient exemptions to protect the refund. You should consult an attorney
Generally, you would have enough exemptions to protect $17,000.00 in equity. There would still be issues regarding equity in other assets and income compared to expenses, but chapter 7 or 13 would appear to both be options. You should consult an attorney to explore your options.
You can absolutely keep your home in a chapter 13. Often you can reduce or eliminate unsecured debt and address the IRS. Your ability to reduce the IRS claims will depend on a number of factors such as the tax years in question, the type of tax and the collateral available for the tax lien to attach. I believe you should consult with an attorney to determine your options.