While bankruptcy may help you hold on to your house, the bankruptcy code prohibits modifying the terms of the mortgage even if is worth less than what you owe.
The only exception to this rule is if you have more than one mortgage on your house and one or more of the additional mortgages are not protected by the equity in your home. In those instances, it is possible that the additional mortgages may be considered unsecured debt and possibly dischargeable.
If you would like more information about this topic or have general legal questions, please feel free to contact me at (201) 904-2211 or via email at pl@pjlesq.com. We answer legal questions on a daily basis and would be happy to discuss any issues or questions that you have with you. © 2017, Law Offices of Peter J. Lamont & Associates. This Update is provided for informational purposes only. It is not intended as legal advice nor does it create an attorney/client relationship between the firm and any readers or recipients. Readers should consult counsel of their own choosing to discuss how these matters relate to their individual circumstances. This Update may be considered attorney advertising in some states. Furthermore, prior results do not guarantee a similar outcome.