For many people, facing a potential foreclosure on your home can leave you feeling helpless and desperate. If you are behind on a first or a second mortgage, or on the verge of falling behind due to a change in income or out-of-control debt, it may be possible to address the problem through bankruptcy. The lawyers at Tishkoff PLC understand your concerns. We will make a careful assessment of the potential consequences that may come with filing bankruptcy.
Lien stripping is the removal of a second mortgage, home equity loan or other lien based on the fact that the value of the house is less than the total amount of the original mortgage. In these cases, the second mortgage/home equity loan changes from a secured loan to an unsecured loan, which is then discharged during bankruptcy. If your home retains more financial worth than the total amount of your first mortgage, then lien stripping the second mortgage or home equity lien is not an option.
Our lawyers will carefully examine all aspects of your situation and provide a straightforward evaluation of the options available to you. We are committed to explaining the process and answering any questions you may have, so that you have all of the information you need to make an educated legal decision. Regardless of whether your goal is to remain in your home or to get out from underneath the mortgage and walk away from the house, we will work to identify a legal strategy that meets your objectives.
Arrange a Free Consultation With a Second Mortgage Attorney
For a free 30-minute consultation with a lien stripping attorney, please contact our office today. We are a debt elimination agency. We help people file for bankruptcy relief under the Bankruptcy Code.