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Mortgage Stripping -- Keep your house, lose a mortgage

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.

MORTGAGE MODIFICATIONS VIRTUALLY NEVER HAPPEN. DON'T LISTEN TO YOUR MORTGAGE COMPANY. THE ONLY REALISTIC WAY TO SAVE YOUR HOUSE WHEN FORECLOSURE HAS STARTED IS THROUGH CHAPTER 13 BANKRUPTCY. We are unaware of any client who has successfully modified his or her first mortgage. More on this from CNN Money (click here).

Mortgage stripping is only available in a Chapter 13 case. However, if you have a $50,000 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.

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PAST-DUE MORTGAGE PAYMENTS: 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.

Modifications of first mortgages virtually never ever happen. Any attorney or "loan counselor" who tells you otherwise is either misinformed or isn't being forthright with you.