How to Get Rid of a Second Mortgage by Lien Stripping!
If circumstances beyond your control have left you unable to make payments on your home, Chapter 13 Bankruptcy is one option that may allow you to keep your home by reorganizing your debt into a reasonable repayment plan spread over a period of three to five years.
In cases where a portion of your debt is from a second or third mortgages that are completely underwater, you may have the option of lien stripping those junior mortgages.
At the Law Office of Jeff D. Hoffman in Oakland, we provide knowledgeable legal advice and skilled, aggressive representation for clients seeking debt relief. Contact us to schedule a free consultation with Jeff D. Hoffman, an Oakland-based lawyer who will advise on whether lien stripping is available in your case.
As a result of the housing market crash, countless homes are worth much less than what is owed on the first mortgage.
When your senior mortgage is already underwater, your junior mortgages will be completely underwater.
Under these circumstances, you are usually allowed to lien strip second or third mortgages.
As a result, these loans are converted from loans secured by collateral, to unsecured debt.
Depending on your individual circumstances, the debt may be eliminated entirely, or you may still have to repay part or all of this debt as part of your Chapter 13 bankruptcy plan.
Take Advantage of the Opportunity to Strip Liens Through Chapter 13 Bankruptcy
Are you concerned about your ability to pay the multiple mortgages on your home? Do you have junior mortgages on your home that are completely underwater? Contact us to discuss the option of lien stripping with a knowledgeable Alameda County lawyer. You may be able to remove a second mortgage with our help.
Contact us online or by phone at 510-451-0290 to schedule an appointment.
Designated by Congress as a debt relief agency, we help people file for bankruptcy relief under the Bankruptcy Code.