Stripping Off a Second Mortgage
Mortgages in general have been a source of financial trouble for many homeowners in recent years. Many first mortgages have become fiscal weapons against mortgage holders who are unable to keep up with payments for various reasons:
- The home loan was issued on the basis of inflated home value.
- An adjustable rate mortgage (ARM) has triggered higher mortgage payments homeowners can no longer afford.
- Declining home values have left homeowners in upside-down mortgage situations, owing more than their houses are worth.
- The state of the economy has resulted in layoffs, income reduction and loss of second incomes for thousands of people.
Whatever the state of your first mortgage, you may feel even more overwhelmed by a second mortgage that has become unmanageable for some of these same reasons.
For some homeowners with second mortgages, filing Chapter 13 bankruptcy has become a magic bullet. Under certain circumstances your second and even third mortgages can be stripped from your home. This may help you keep your house if that is your goal.
We’ll Help You Decide If Stripping Off A Mortgage Is Right For You
Bird & Van Dyke, Inc. – A Professional Law Corporation can help you review all your options when a first or second mortgage has become unmanageable. Talk it over with a knowledgeable California attorney. Discuss the important issues surrounding your second mortgage, your first mortgage and your thoughts about filing bankruptcy.
Contact Bird & Van Dyke. We have offices in Tracy and Stockton. Second mortgage stripping? Lawyers at our firm can advise and help you accomplish this goal if your financial situation warrants it.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.