WebDec 30, 2013 · Within Chapter 13 Bankruptcy law, section 11 USC 1322 can potentially allow you to forgo your second mortgage, under certain circumstances. If your second lien on the whole is unsecured, then when the value of your home drops belong the first mortgage deed of trust, the second becomes wholly under secure, which can be … WebChapter 13 bankruptcy provides opportunities for homeowners to delay or prevent foreclosure and pay off back debt on their mortgages. In some cases, homeowners can also eliminate the amount of second or third mortgages. Chapter 13 bankruptcy is particularly helpful to people who are behind in mortgage payments and need time to …
How to Get Rid of a Second Mortgage Strip Second Mortgage …
WebFeb 11, 2024 · If your home's value has dropped below the current mortgage balance, a Chapter 13 bankruptcy can sometimes force the mortgage company to adjust the principal to equal the newly determined value ... WebFeb 5, 2011 · One of the most significant powers of a Chapter 13 bankruptcy is the power to strip off a wholly unsecured second mortgage lien. If your home is worth less than the amount of the first mortgage balance, you may be able to cancel the second mortgage lien in Chapter 13. With the dramatic decline of home prices in the past few years, lien ... olivers landing hoa hickory nc
Second Mortgage “Stripping” – Andresen Law
Learn how the Chapter 13 bankruptcy process works, including how much … WebOct 17, 2024 · Because your property is worth less than the first mortgage and there is no property value left to cover any part of the second mortgage, the second is considered unsecured and can be stripped off in a Chapter 13 bankruptcy. Example 2. You owe $145,000 on your first mortgage, $30,000 on a second mortgage and $15,000 on a … WebChapter 13 bankruptcy provides other tools to reduce your home mortgage debt. You can strip off junior liens (second or third mortgages or home equity lines of credit) in certain situations. This can reduce your home loan debt significantly. Below you'll find articles on your home in Chapter 13 bankruptcy. is aloe vera good for my face