Eliminating Second Mortgages
Second Mortgage Stripping Through Bankruptcy
During the housing bubble, many homeowners came to believe their houses would continue to steadily increase in value. Several refinanced multiple times, while others took out home equity lines of credit. If you took out a second mortgage on your home and now owe more than the house is worth, you may be able to eliminate the subsequent mortgage.
At the Law Offices of Michael H. Johnson, we help homeowners who are underwater on their mortgages strip away second and third mortgages through Chapter 13 bankruptcy. Not all homeowners are eligible for this program. To discuss your qualifications, call our offices at 954-535-1131 for a free initial consult with an experienced lawyer.
I’m Current on My Monthly Payments. Why Would I File Bankruptcy?
Even if you are current with your monthly payments, you may be able to get rid of a second or third mortgage by filing Chapter 13 bankruptcy. Under this plan, your second or third mortgage will be removed and the debt associated with the lien will be classified as unsecured.The unsecured debt will then be restructured into a reasonable payment plan determined by your income that you will pay over the course of 3-5 years. After that time, the remaining unsecured debt is discharged. This means, you will pay only a fraction of the subsequent mortgage balance, allowing you some financial breathing room. Chapter 13 bankruptcy can also help eliminate homeowner association dues.
Florida Attorney Helping Homeowners Adjust to Changing House Values
If the value of your house has fallen below what you owe, you may be able to remedy the situation. Please request a complimentary consultation with an experienced bankruptcy attorney.
Our firm maintains offices in Fort Lauderdale and West Palm Beach, Florida. For your convenience, we offer evening, weekend and off-site appointments. Our phones are answered 24 hours a day/7 days a week.We accept credit cards. Payment plans are available upon request.