Verified answer

If the loan goes away....you can almost certainly bet that the house goes with it!

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RE Bankruptcy home equity loan?

Can home equity loan be discharged in bankruptcy. Under what circumstance can it be done, if it is possible.

Some one I know is unemployed and has a hard time making mortgage payments and home equity loan payments. How can bankruptcy laws allow discharging this loan.

Ask a bankruptcy lawyer - they all give free advice, but based on my personal experience in my bankruptcy:

In a CH13 - no. You pay the house loans outside of the bankruptcy or they foreclose on you.

If a 7, yes, but you loose everything.

If it was able to discharge, then everyone would be taking 2nd's out and run to bankruptcy court.

They'd most likely have to give up the house.