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Does bankruptcy discharge a 2nd mortgage?

Posted by Moe Bedard on August 21, 2009 · Leave a Comment 

A Chapter 13 bankruptcy may have the effect of discharging a second mortgage. Liens may be stripped off from the asset of the debtor if there is insufficient equity in the asset after the senior liens, such as the first mortgage, have been deducted.

Please note that you would have to qualify for this type of bankruptcy and the removal of the 2nd mortgage can only be applied within the context of debt reorganization. Chapter 13 is designed for people with regular income to pay back a portion of their debts over time. Read more

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Angelo Mozilo Email on Loan Safe Voted #1 Business Blunder in 2008

Posted by Moe Bedard on December 18, 2008 · Leave a Comment 

Choosing only 10 this year was next to impossible, but somehow we managed. Incidentally, we’d like to throw a special shout out to Angelo Mozilo of Countrywide for making this year’s list extra debacle-riffic. Thanks! – The Consumerist Read more

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