MORRIS LAW OFFICE
William A. Morris, P.C.
Colorado State Bank Tower
1600 Broadway, Suite 2600
Denver, Colorado 80202
Telephone: (303) 691-9004
Facsimile: (303) 339-0008
Email: WAMorris@WAMorrisLaw.com
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I want to thank you for the way you handled every step of my case. Your office was very professional in the handling of my information and you were always prompt in responding to any questions that came up along the way. You and your team helped my family get through an otherwise difficul time and for that I want to say thank you!

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In the current real estate market, many people may be able to keep their homes while eliminating their second mortgages entirely.  This process is commonly called "lien stripping" and is available when the value of your house is less than what you owe on your first mortgage.  In such cases, the second mortgage is wholly unsecured because there is no equity in the house to cover any portion of the second mortgage.

Permanent mortgage modifications virtually never happen.  Don't rely on empty promisses from your mortgage company.  More on this from CNN Money (click here)

The only realistic way to save your house when foreclosure has already been initiated is through Chapter 13 bankruptcy.  Even if you don't qualify to strip your second mortgage, mortgage arrearages can be paid over five years in a bankruptcy reorganization plan.  The bankruptcy must be filed with the court prior to the sale date set by the public trustee in the county where your home is located.  Filing the bankruptcy stops the sale and allows you to include the past due payments in a bankruptcy reorganization plan.

Mortgage stripping is only available in a Chapter 13 case.  In the 1980s, this was accomplished in Chapter 7 until the U.S. Supreme Court ruled otherwise so now Chapter 13 is the only option.   However, if you have a large second mortgage, it is often well-worth filing a Chapter 13 plan and in most cases making relatively small payments in exchange for the elimination of your second mortgage.  One of the common misconceptions people hold about filing Chapter 13 is that creditors must be repaid in full.  In the vast majority of cases, creditors only receive pennies on the dollar in Chapter 13.  

In summary, whether or not you can eliminate your second mortgage, a Chapter 13 bankruptcy will enable you to forget about all past due payments and start fresh making your regular monthly payment starting on the month after your case is filed.  Contact us for an office visit and all the details.