Question: I am in the process of filing for bankruptcy. I am filing chapter 13 so I can have my second mortgage, which is a line of credit through Bank of America, dismissed. My attorney just called and said that because my first mortgage was obtained after my HELOC, only because we refinanced, that the court may deem the HELOC as my first mortgage. Is this possible?
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March 8th, 2012 at
Lien priority is based on when things get recorded. It is possible during the re-financing period if you used different lenders that if the (HELOC) was recorded 1st, it would be in first position. And anything recorded after it would be in 2nd, 3rd, and so on.