Sentences with phrase «strip second mortgages»
You may be able to strip second mortgages, nonconsensual judgments and other liens on your property through bankruptcy.
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I've been told that through a Chapter 13 you can strip a second mortgage and still keep the first mortgage and keep your home.
When you strip a second mortgage in a Chapter 13, the full balance is treated just like any other unsecured debt.
Over the life of a 30 - year second mortgage, the savings obtained by stripping a second mortgage can be huge.
To strip a second mortgage, the second mortgage must be completely unsecured.
In order to strip the second mortgage, the entire second mortgage balance must be unsecured.
In a 13, you can strip your second mortgage or home equity line.
Not exact matches
Because the house is worth less than is owed on the first mortgage, the second mortgage may be stripped off in a Chapter 13 bankruptcy.
Depending on your situation you may be able to strip off an unsecured second or third mortgage.
We also do Deed's in Lieu, Short Sales, Second Mortgage Lien Stripping, and other various real estate needs.
If you find yourself owing more than your home is worth based on the balance of your first mortgage, the second and third mortgages can actually be stripped or removed from your house.
Just as second and third mortgage liens can be stripped from your home, the balance of a car loan can be reduced or «crammed down» to match the current market value of your car.
It can also be used to strip or eliminate second mortgages where the amount owed on the first loan exceeds the value of the property.
In this situation, we can file a Motion to «strip» your second mortgage.
If he files Chapter 13, the judge may strip off the $ 50,000 HELOC, because the home's value is too low to secure the first and second mortgages.
Chapter 13 may also allow you to get rid of your second mortgage once and for all through a process known as «lien strip.»
As part of a Chapter 13 action, in which the court orders a repayment plan for the debtor to complete over several years, the second mortgage is stripped from the home and viewed in the same way as unsecured debt, such as credit card and medical bills.
Chapter 13 lien strip is only allowed in the following situation: Your second mortgage is unsecured.
As the housing prices continue to rise in San Francisco Bay Area, it will certainly become harder to lien strip since more second mortgages will be secured.
However, if you can show that the second mortgage is wholly unsecured you can strip the lien from the house once you complete your Chapter 13 plan payment.
Stripping off a second mortgage or home equity line of credit which is completely unsecured due to a decrease in the value of your home and eliminating this monthly payment.