With the housing crisis of the recent past, millions of homeowners are left in difficult circumstances. Many are "underwater," or "upside down," meaning that the debt on the home is worth more than the house. To make matters worse, many find themselves in situations where making regular payments is a challenge. Others have multiple mortgages and may struggle to stay on top of all payments.
If you find yourself in any of these situations, it is important to understand your rights. Chapter 13 provides many options; in addition to stopping the foreclosure process, it allows for the payment of overdue mortgages over three- to five-year plans and/or loan modification. In addition, it allows people to "strip" off its value. When people remove the value of a second mortgage from the value of the first, it is called "lien stripping."
If you find yourself in any of these situations, it is important to understand your rights by partnering with an experienced bankruptcy lawyer. We will work directly with you to understand your financial circumstances, wants, needs and goals. From there we will present all options. If lien stripping is a viable way for you to get a clean slate on your financial future, we will do everything we can to take our decades of experience to help you pursue that option as efficiently and effectively as possible.
To schedule a free initial consultation with our Monmouth County lien stripping attorney, call toll free: 866-974-1136 or fill out our contact form. Hablamos español.
The law offices of William H. Oliver, Jr. & Associates is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.