Boston-Area Mortgage Bankruptcy Attorney
Serving Communities Such As Quincy, Norwood and Marshfield
Is your home worth far less than what your paid for it? Do you have two mortgages? It is possible to strip off (remove) the second mortgage from your home and keep your house. Our Braintree and Boston bankruptcy lawyers can determine if this relief is available to you with a quick phone call.
Remove Your Second Mortgage
When a homeowner owes more money on a first mortgage than the property would bring in a sale (after paying the real estate broker), any second mortgage is considered "unsecured" in a Chapter 13 bankruptcy filing. This is important for two reasons. First, the second mortgagee loses their right to keep the lien against your house. The mortgage is "stripped off." Second, the unsecured creditors in a Chapter 13 plan are only entitled to payment based on your ability to pay, not how much you owe. Even if your plan provides for paying your second mortgage holder a penny on the dollar, or even $0.00, you still receive your discharge from any unpaid amount upon completion of your plan. The debt is gone, the second mortgage is gone, and you have a whole new outlook on the ownership of your home.
Our Massachusetts Chapter 13 bankruptcy attorneys are experts in proving to the court's satisfaction that your second mortgage is "fully unsecured" and should be stripped off as part of your Chapter 13 bankruptcy plan. Whether your second mortgage is a home equity loan, or part of an original 80/20 sale of refinance loan, we can help you recover a big chunk of your lost home equity value by stripping off your second mortgage.
We offer free initial consultations. To schedule yours, please call 781-848-8545. You may also contact us online. We can arrange evening and weekend appointments to accommodate your schedule.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
