Can I Eliminate a Second Mortgage With Bankruptcy?
The threat of foreclosure and losing a home is often the biggest concern for people who are overwhelmed by debt. When there is more than one mortgage on a home, this concern intensifies. You may ask yourself, "Can I eliminate a second mortgage with bankruptcy?" The answer is yes, if you meet certain criteria. At the Law Office of Robert Braverman, LLC, we will meet with you to review your situation in order to determine your options for avoiding foreclosure, holding on to your home and eliminating your second mortgage.
If you have more than one mortgage and are struggling to make house payments, we can help. Contact our New Jersey bankruptcy lawyer online or call 856-348-0115 for a free initial consultation to discuss your situation.
Helping You Through Chapter 13 Bankruptcy
As a general rule, you cannot modify the terms of a mortgage that is secured by a residence. However, if the amount that you owe on the first mortgage is more than what the house is currently worth, the second mortgage will be treated as unsecured debt in a Chapter 13 bankruptcy proceeding.
The Chapter 13 process will allow you to eliminate some, if not all, of your unsecured debts. This may result in a second mortgage being eliminated entirely through this form of debt relief. Our Cherry Hill Chapter 13 attorney will work closely with you to review your situation and explain your options. This way, we can help you develop a plan that can stop foreclosure and strip additional mortgages.
Experienced Help in New Jersey and Philadelphia
At the Law Office of Robert Braverman, LLC, we represent clients in both New Jersey and Philadelphia. In New Jersey, the elimination or reduction of an additional mortgage will be part of the bankruptcy plan. However, Pennsylvania requires the filing of an adversarial complaint. We have extensive experience handling debt relief cases in both states and can handle your case efficiently and effectively. We can also help you with mortgage modifications with the revised New Jersey rules if elimination through Chapter 13 is not possible.
Call for a Free Consultation With a Cherry Hill and Philadelphia Attorney for Underwater and Subprime Mortgages
If you are overwhelmed by debt and have an underwater mortgage, there are relief options available. Contact our Cherry Hill and Philadelphia personal bankruptcy lawyer online or call 856-348-0115 or 215-928-9119 for a free consultation to discuss your situation.
We are a debt-relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.