Cherry Hill area based Bankruptcy law firm Bratton Law Group helps people make sense of the bankruptcy process.
Many of the clients we meet have a second mortgage on their home, maybe for home repairs or education funding, and they use the equity in their home to fund financial obligations. While the real estate market has hit us all, those with second mortgages have seen their home values drop well below the mortgage they hold.
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This article entitled, Wiping Out Your Second Mortgage In Bankruptcy, describes a few solutions available to you and how wiping out a second mortgae in bankruptcy may be getting easier. The article does reference NY law but New Jersey does allow for the same process, however it is always best to consult with one of our qualified bankruptcy attorneys.