Did you know that a HELOC is a second mortgage - it's a home equity line of credit?
Did you know that sometimes a second mortgage can be eliminated in a bankruptcy, but sometimes not?
What happens when, years later, the second mortgage tries to collect after being included in a bankruptcy?
We cover all of these topics and more in this week's episode of The Crushing Debt Podcast.
What is a reaffirmation agreement (listen to Episode 188 for more information) and how does it factor into the analysis here?
Unfortunately, I've seen an increase in cases where someone filed bankruptcy and didn't know they had a second mortgage, didn't realize they had a second mortgage, or didn't properly address their second mortgage within the bankruptcy case. What can I do about it years after the fact? Likely not much, but, as always, I have a few options.
Please also support our friend and sponsor Sam Cohen by introducing him to an attorney or title company you know that wants to competitively shop their malpractice insurance renewal. Sam can work with an attorney or title company anywhere in the country, but prefers working with attorneys and title companies in Florida or Texas. You can reach him at Sam@AttorneysFirst.com or www.AttorneysFirst.com.