Can I discharge a second mortgage loan if it was used for capitol in business

Asked about 5 years ago - Des Moines, IA

Had home equity line of credit that was used to complete and finance new homes to sell

Attorney answers (1)

  1. Answered . A second mortgage can only be stripped from the residential property if the amount of the first mortgage is greater than the value of the residence. there are different rules if the property is an investment. Talk to an attorney in bankruptcy in your locale for the analysis.

Related Topics

Debt

There are different types of debt, but all involve one person (the debtor) owing money to another (the creditor). Terms of repayment are governed by a contract.

Debt discharge

Debt discharge is when a debtor is no longer responsible for paying off some or all of a debt. This discharge can occur for some types of debts in bankruptcy.

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