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Can I get rid of my mortgage in a bankruptcy?

In Arizona, if you file a chapter 7 bankruptcy, you will not be able to strip away the mortgage debt and keep the house. If you want to keep the house, you’ll have to find a way to make those mortgage payments. If you are filing a chapter 13 and you have a completely unsecured second or third mortgage, you will be able to strip it away so that it is no longer a lien on your residence. But the following situation must be true for this to happen: your first mortgage balance is so high that it exceeds the value of your home. Thus, the entire amount of your second mortgage (or third) is not covered by any of the value of your home. Stated differently, if you hypothetically sell your home and not even one dollar would be available to pay the second or third mortgage, you should be able to remove that mortgage. Likewise, if you have investment properties you may be able to either reduce or entirely remove liens (including mortgages) against that investment property.

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