Save Your Home, 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
It is important to know this for two main 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 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.
Call us at 781-848-8545 to get the expert legal advice you deserve for your bankruptcy needs. Don’t postpone this important step in finding legal assistance. We are waiting for your call. Schedule a free consultation today!