How Chapter 13 and Lien Stripping Can Help You Save Your Home
Facing the prospect of losing your home is a frightening ordeal. Many times, homeowners who are struggling to pay their mortgages are so overwhelmed that they wait too long to get help. It is important to know that you have options and you can take action.
Redman Ludwig, P.C., has helped hundreds of people in Indiana avoid foreclosure. We understand that you may feel as if there is no way out of your current financial situation. Our attorneys take the time to review your finances and discuss all of your options with you. In some cases, filing bankruptcy and discharging a second mortgage helps homeowners save their homes. Speak with one of our experienced bankruptcy lawyers today to learn if this is the right option for you.
Discharging a Second Mortgage or Home Equity Loan
Many people who have home equity loans or second mortgages find that their real estate values have dropped so much that the property only provides enough value to secure the first mortgage. In this situation, you may be able to strip the second mortgage from your property and discharge it in bankruptcy. This process is called lien stripping and can be a useful tool for reducing your debt.
We will take care of all matters related to stripping a second mortgage/home equity loan from your property by filing Chapter 13 bankruptcy. Then, by gathering information on the fair market value of your property, we can show the bankruptcy court that the value of the property is less than the first mortgage, which means that the second mortgage is not secured by the property.
Contact Us About Lien Stripping a Second Mortgage
For a free telephone consultation, please call us in Indianapolis at 317-489-5832 or toll free at 866-793-5226, or contact us online.
