Removing A Second Mortgage Through Lien Stripping
Chapter 13 bankruptcy laws now allow for debt to be discharged through lien stripping. At the law firm of Jeffrey M. Rosenblum, P.C., we can guide you through both legal processes: Chapter 13 bankruptcy and lien stripping. We have helped numerous individuals reduce their debts through lien stripping. We also advise clients on ways to save their homes and avoid foreclosure. Many do not want to resort to bankruptcy, and many fear losing their homes to foreclosure or short sale.
You can contact us today to schedule a free consultation at one of our many office locations. We have offices in Nassau, Suffolk and Westchester County, as well as Brooklyn and London, UK.
Helping You Understand What Happens In This Process
Individuals struggling to make payments on second or third mortgages look for feasible ways to deal with their debt. Many do not want to resort to bankruptcy, and many fear losing their homes to foreclosure. Another option that is not as well-known is lien stripping. Lien stripping is effectively the process of removing a second mortgage, third mortgage or line of credit that encumbers real property. It is a court-administered process that turns the secured debt that encumbers the real property into unsecured debt that does not encumber the real property. There are certain parameters that dictate eligibility for lien stripping. For a second mortgage, third mortgage or line of credit to be converted to unsecured debt, your home must drop in value below the amount of the secondary secured debt.
Free Attorney Consultation
To find out more about lien stripping and freeing yourself from the obligation of a second or third mortgage, contact our law firm. Call 866-637-7300 to schedule a free lawyer consultation. We are a debt relief agency. The law firm of Jeffrey M. Rosenblum, P.C., helps individuals and business owners file for bankruptcy relief under the U.S. Bankruptcy Code.