Boston Lien Stripping Lawyers
During a Chapter 13 personal bankruptcy proceeding, a judge may remove a second mortgage on a home if collateral was used to secure the loan, and the homeowner may be able to keep his or her home. For example, if a house was purchased for $200,000 and had two mortgages: a first mortgage of 80% ($160,000) and an unsecured second mortgage of 20% ($40,000), a judge may dismiss the second mortgage as an unsecured debt in a Chapter 13 bankruptcy
If you or someone you know is considering leaving the house you have worked so hard to build, the possibility of filing for Chapter 13 bankruptcy, and lien stripping, might be an option you should consider. The experienced Boston bankruptcy attorneys of Joshua Spirn & Associates have extensive experience with personal bankruptcy issues. Contact us today at 800-975-5346.
Advantages of Lien Stripping
There are certain advantages to be gained from lien stripping, some of which are listed below:
- Reduced payments
- Accurate valuation of the property
- You get to keep your house
Giving up on a house you have worked hard to pay for is tough to do. It is in your interest to consider all options that are available to you, and lien stripping may offer you a way to keep your home.
Contact Us
Property values rise and fall. This does not mean that you should uproot the life you have built and have to reestablish yourself. The dedicated Boston bankruptcy attorneys of Joshua Spirn & Associates will provide you with a vast array of legal options and will work with you to best meet your needs. Contact us at 800-975-5346 to schedule an initial consultation today.
