Second Mortgage Lien Removal
Would your financial situation dramatically improve if you didn't have to pay your second and third mortgage liens? Chapter 13 can often eliminate your second or third mortgage. That’s because, if your first mortgage is secured by the entire value of your home (which is possible if the home has dropped in value), you may no longer have any equity with which to secure the later mortgages. That allows the Chapter 13 court to “strip off” the second and third mortgages and recategorize them as unsecured debt – which, under Chapter 13, takes last priority and often does not have to be paid back at all.
For a free review of debt situation, please call our offices at (949)335-5705 or fill out our form on the "Contact Us" page and an attorney will contact you.