Thoughts from a Maryland Bankruptcy Attorney
If your primary residence is secured by a mortgage or deed of trust that is fully or partially secured you will not be able to modify that lien in chapter 13 or chapter 11 without the consent of the lender. This is an ironclad provision of the bankruptcy code. However, if that loan is also secured by business assets or another property, modification is permitted.
Similarly, if the mortgage or deed of trust is in a second home or a vacation home, modification is also permitted. That’s why it’s important to pay close attention to whether the loan is secured ONLY by a lien encumbering your primary residence.
This is a continuation of the video Bankruptcy: What is Chapter 13 Lien Stripping? Maryland Bankruptcy Attorney
Thoughts from a Maryland bankruptcy lawyer.
Ronald J. Drescher
Drescher & Associates, P.A
4 Reservoir Circle
Baltimore, MD 21208
Fax (410) 484-8120
Practicing in Maryland, Delaware, Virginia, Pennsylvania