Many homeowners take out second or third mortgages on their homes in order to help them through tough times. Over time, homeowners can be in a position where their home is not worth the value of their mortgage. This is what it means when you hear that somewhere is “underwater” on their mortgage.
If certain criteria are met, the bankruptcy code can help by allowing you to strip away the second or third mortgage. This depends on factors such as the value of the home, mortgage balance, and the income/expenses of the household. Our experienced attorneys can usually tell you at our free consultation whether stripping a mortgage is able to be done in your case.
Stripping a mortgage helps eliminate monthly expenses and unencumber your property. This is just one potential way that the attorneys at Ross, Quinn & Ploppert can set you on the path to financial comfort and get rid of all of the stress that your debt has been giving you. Schedule a stress-free, no-cost consultation today, and you will feel better tomorrow.
Other helpful resources
Can You File Bankruptcy on a Judgment?
Debts come in many forms, and bankruptcy does not treat them all the same. Before filing before bankruptcy, you should...
Debt Consolidation vs. Chapter 13
It is very easy to find yourself with more debt than you can realistically handle. When this happens, debt collectors...
0 Comments