Q: Could I file Chapter 13 if the home I own is not my primary residence? Also, Could I lein strip the 2nd mortgage.
I would like to file chapter 13 but the home I own is not my primary residence. Am I able to do that? I would like to keep my home. I also have a 2nd mortgage that I wanted to strip down. Unpaid principal balance of $285k plus $100k in arrears on 1st mortgage. 2nd mortgage arrears are $120k. Home appraisal at $300k.
Ok so the big question would be would I be able to file chapter 13 if the home is not my primary residence and would I be eligible to lien strip the 2nd mortgage?
A:
Chapter 13: No, if the goal is to save the home with no equity.
Strip: No, if not primary residence.
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