How Do I Eliminate a Second Mortgage?

One of the problems with the real estate market is that lenders allowed too many people to overextend themselves in terms of the kinds of loans they were allowed to obtain. As a result, many people now owe much more on their homes than what the property is worth and foreclosure actions have skyrocketed. However, there are ways to save your home and achieve meaningful debt relief with the help of an experienced Aurora foreclosure lawyer.

At Derrick B. Hager, P.C., Attorney at Law, we can help you eliminate the second, third or any other subsequent mortgage on a property if you are underwater and owe more on the property than its current market value. To learn more about this option, please contact our office today to schedule a no-cost consultation.

Eliminating a second mortgage, or lien stripping, is a complicated process that is available when someone files for Chapter 13 bankruptcy. When you lien strip a secondary loan, the outstanding amount can be treated like an unsecured debt, just like a credit card, and paid off for pennies on the dollar. However, this involves filing a lawsuit against the second mortgage holder, having the property appraised, presenting this information to the court and proving how upside down the financial situation is of the homeowner.

Our firm has experience and success handling lien stripping properly. Even though this option is relatively new, having just started in November 2009, and signifies a substantial new change in bankruptcy law, we are well equipped to pursue this option for clients and we have handled numerous bankruptcy filings with a lien stripping component. We can also help you explore other ways of saving your home and preventing foreclosure.

Derrick B. Hager, P.C., Attorney at Law, is considered a debt relief agency. We help people file for bankruptcy under the federal Bankruptcy Code. We invite you to contact us today for bankruptcy assistance and to learn more about how our Illinois attorney can help you save your home during a free consultation.

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