Can Bankruptcy Reduce Your Mortgage Payments?
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.
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