Want to get rid of your second mortgage?
It’s possible, but only under Chapter 13. The Columbus, Ohio, bankruptcy attorneys at Jump Legal can help! The possibility of losing your home because you can’t make the mortgage payments is scary and can cause many sleepless nights. Whether your house has gone down in value, or you are upside-down on your payments, Chapter 13 bankruptcy may help you get rid of your second mortgage.
Our bankruptcy attorneys understand that good people can fall on hard times. The loss of a job, a serious illness, or financial problems can make it difficult to make ends meet. Don’t worry another day! Call us today to schedule a free consultation with one of our friendly and trusted attorneys who will explain your options and get you back on the right financial track.
Build equity back into your home
People nationwide seek out mortgage modifications. It may be hard to believe, but you can actually rebuild equity in your home by filing bankruptcy under Chapter 13. For some of our clients, we can even do one better – we can eliminate a mortgage entirely if your house is underwater.
Lien stripping and Chapter 13 bankruptcy
People are usually shocked to learn how powerful Chapter 13 actually is. In Chapter 13 bankruptcy, your second mortgage is treated like a credit card and, at the end of the plan, whatever is still left on your mortgage is eliminated. If you have a third mortgage, then you could wipe it out too.
The Bankruptcy Code allows a debtor in Chapter 13 to eliminate a second mortgage in a process called “lien stripping.” Lien Stripping can change your future, forever. You can take advantage of this opportunity when the value of your house falls below the amount owed, for instance, on the first mortgage. We can also eliminate judgment liens on your house because they impair your homestead exemption—even if you actually have equity in your house.
Being “underwater,” when your house is worth less than the amount you owe, is a common problem. Chapter 13 can fix this problem by eliminating second mortgages. That’s right; you can completely remove your unsecured mortgage and be much more comfortable with the amount you are paying each month for your home.
Jump Legal helps eliminate your second mortgage
Instead of providing “one-size-fits-all” legal representation, our team of bankruptcy lawyers treats each person’s debt individually. We can help you see how bankruptcy laws may apply differently in one situation than in another. For instance, you may qualify for Chapter 7 but it may be more beneficial for you to file under Chapter 13.
Understanding these subtleties can mean the difference between keeping your home and losing it, between eliminating tens of thousands of dollars in debt and having to pay it.
Our mortgage attorneys are ready to improve your financial future. Contact us today to start the process of getting a fresh financial start. Schedule a free initial consultation; you will always speak with a Columbus, Ohio, bankruptcy attorney and all communications remain confidential. There are no hidden costs and we quote all fees upfront.