ELIMINATE YOUR SECOND MORTGAGE
WOULD YOU LIKE TO ELIMINATE A SECOND MORTGAGE?
With our recent economic downturn, many homeowners have lost a sizeable amount of equity in their homes. Many homeowners now find themselves upside down on their mortgages, owing more to their lenders than their homes are worth. With this significant decline in value, many have found themselves in the position where their first mortgage exceeds the value of their home. So what to do with the expensive second mortgage they may have also taken out? It seems ridiculous to make high payments on a second mortgage that is no longer secured by the property. If this is your situation, the experienced Bankruptcy Attorneys at FAMILYLEGAL can assist you in determining whether the option of eliminating your second (2nd) mortgage is possible and right for you situation.
This is because the Bankruptcy Laws offers a tool to help homeowners get rid of the second mortgage forever! Through Chapter 13 of the Bankruptcy law, if your first mortgage exceeds the value of the property, you may apply to have the second mortgage cancelled ("stripped") and moved over to become unsecured debt just like your credit cards and other personal debts. Under Chapter 13, you are under the Bankruptcy Court's protection but still making payments on your debts and retaining your property. Thus you still make a payment on the debt but can slash the amount to a sum you may more easily handle. This may give you the financial freedom to more easily pay other debts you are struggling with such as your car loan. Furthermore, if in Three (3) or Five (5) years (depending upon your Plan term) your house value recovers, the new equity belongs to you!
The Bankruptcy Attorneys at FAMILYLEGAL are highly experienced in assisting individuals and families burdened by unsecured second mortgages. We would welcome the opportunity to meet with you and evaluate your situation. We will explain the legal procedures involved and how we may assist you.