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Stripping A Second Mortgage

In a booming economy, borrowing money against your home’s equity can be a good financial move. Unfortunately though, for most people in the state of Florida and other parts of the country, home values declined rapidly as the economy took a downturn a few years back. For those who took second mortgages on their homes to pay for other expenses, they now find they owe much more than the current value of the property.

In Florida, if your home is worth less than the balance of the first mortgage, and the second mortgage lacks equity, you may be eligible to file Chapter 13 bankruptcy and restructure your debt, stripping the second mortgage. Because there is no longer collateral to back the second mortgage, the loan can be treated as unsecured debt and eligible for part of a structured repayment plan. While this can only be done under particular circumstances, an appraisal of the property and a valuation hearing may be required as well.

Is Bankruptcy Right for You?

We will discuss every aspect of your personal finances with you and explain the entire bankruptcy process. Many people work to avoid bankruptcy at all costs and struggle trying to get a loan modification to hang on to their home. Stripping a second mortgage and filing Chapter 13 bankruptcy may be the best option for you and your financial situation. Contact a LawyerASAP bankruptcy lawyer for a free consultation today, (844) 330-2727

We offer debt relief solutions in compliance with U.S Bankruptcy Code.

Free Consultation with Experienced Debt Relief Attorneys

To get the facts about restructuring debt through Chapter 13 bankruptcy or eliminating debt through Chapter 7 bankruptcy, one of our experienced bankruptcy lawyers can lay out all your options. At LawyerASAP we practice debt relief through bankruptcy and can answer all of your questions. We’ve assisted hundreds of people throughout Florida and other areas who’ve needed financial help just like you.

Our Locations

Orlando

150 North Orange Avenue

Suite 414A

Orlando, Florida 32801

(321) 320-9200

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Tampa

100 South Ashley Street,

Suite 600

Tampa, Florida 33602

(813) 530-1600

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