Protecting Investment Property From Foreclosure
Whether real estate property at risk of foreclosure is your residence or an investment property, you may be able to get rid of an underwater second mortgage by filing a Chapter 13 bankruptcy. In the case of investment property, you may also be able to strip off the first mortgage and be free of the property and debt as soon as possible.
You may be able to cram down or strip off the portion of debt that is unsecured by the value of the property. Discuss this possibility with an experienced attorney who will take the time and thought necessary to understand your most important objectives:
- To salvage ownership of an investment property at risk of foreclosure
- To eliminate as much debt and liability as you can
- To strip liens, eliminate second mortgages or otherwise lighten the overall debt load associated with the investment property
Get advice about lien stripping and other benefits of bankruptcy for property owners by consulting with an experienced attorney. Perhaps your investment property was destroyed in Hurricane Sandy and you have been left with a loan you can never repay. Oliver & Legg in Monmouth County has helped many real estate owners address unmanageable mortgage debt.
Rules differ for residential property versus nonresidential property. Rules also differ depending on whether the owner inhabits the property or not. For a review of your particular investment property and the threat of foreclosure that you now face, contact Oliver & Legg.
Free Attorney Consultation: Get Advice About Unmanageable Mortgage Debt, Investment Property and Foreclosure
From law offices in Toms River and Neptune City, our New Jersey bankruptcy attorney advises property owners through loan modifications, Chapter 13 bankruptcy, lien stripping and other forms of debt relief. Evening and Saturday appointments are also options. Call 732-988-1500 local or fill out a contact form to request a free consultation with a lawyer.