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

Asked over 4 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. Theodore Lyons Araujo

    Pro

    Contributor Level 20

    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.

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