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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. 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.

GET AN IMMEDIATE EMAIL RESPONSE RIGHT
NOW. NO-CHARGE FOR FIRST OFFICE CONSULTATION.
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. |