Strip Second Mortgages With Chapter 13 Bankruptcy
Many New Jersey homes and business properties are underwater — meaning they are worth less than the mortgages that have been taken out against them. In these cases, the property owners may have a good reason to file Chapter 13 bankruptcy. That reason is called "lien stripping."
At the law offices William H. Oliver Jr. & Associates, we offer a free initial consultation to discuss lien stripping and how it works. We have law offices in Toms River and Neptune City.
You Can Get Out From Under Mortgage Debt. Contact William H. Oliver Jr. & Associates for a free lien stripping consultation.
What is Lien Stripping?
If you have taken out a second or third mortgage on your home, filing Chapter 13 bankruptcy will allow you to strip the lien from that debt. Once the lien has been stripped, the second or third mortgage becomes an unsecured debt — similar to a credit card bill, which is not backed by property.
In a Chapter 13 repayment plan, unsecured debts do not have to be repaid in full. In fact, most of our clients do not have to pay back any of their unsecured debts.
Lien Stripping and Commercial Property
If you own commercial real estate such as a rental property, you can strip your mortgage down to the present value of the home. For example, if you paid $800,000 for rental property that is currently worth $600,000, you may be able to strip $200,000 from your mortgage and turn it into an unsecured debt.
Free Attorney Consultation
With offices in Monmouth and Ocean counties, New Jersey, our lawyers are ready to answer your questions about lien stripping. Evening and Saturday appointments are available. Call toll free: 1-866-974-1136 or fill out our contact form. Hablamos español.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.