Eliminating A Second Mortgage
Are you interested in a debt relief method that involves “lien stripping,” or removal of your second mortgage?
For sound legal guidance on second mortgage elimination strategies in Southaven, Mississippi, and Memphis, Tennessee, come to O'Brien Law Firm, LLC.
How Does Removing A Second Mortgage Help?
Second mortgage removal is one of the most effective approaches to debt relief in a Chapter 13 consumer bankruptcy filing. This is the practice of removing junior and second mortgages when all equity in a property is secured under a first mortgage.
If a second or third mortgage is unsecured by any equity, you may be allowed to reorganize the amount as an unsecured debt during Chapter 13 — typically the amounts owed on medical bills or credit cards. Under Chapter 13, the filer must agree to pay a set sum to the trustee on a monthly basis for a three- to five-year period, with the trustee disbursing a portion to unsecured creditors.
To qualify for the elimination of a second mortgage, you should obtain an objective valuation of your property from a real estate appraisal. Another option is to use the value listed on your property tax bills.
As your bankruptcy lawyer, Kevin F. O'Brien uses his many years of experience, deep knowledge of Chapter 7 and Chapter 13 protections, and attentive personal service to offer the breathing room you need to meet your bills — and return to a sound financial footing.
You can discuss second mortgage elimination or any bankruptcy goal with Kevin F. O'Brien in an initial consultation. Contact O'Brien Law Firm, LLC, today by calling toll free at 866-504-5969 or by sending an email.
Kevin F. O'Brien is licensed to practice in Tennessee as well as Mississippi, in order to assist clients in the Greater Memphis area.
We are a debt relief agency. We help people file for bankruptcy relief under the bankruptcy code.