Exploring Your Options for Eliminating a Second Mortgage in South Florida
Our poor economy and failing housing market have led to a significant decrease in the value of homes throughout South Florida. If you have two mortgages on your home, but your home is now worth less than your first mortgage, you may be able to seek elimination of your second mortgage through the Chapter 13 bankruptcy process. Call one of our Miami attorneys at Ferrer Shane, PL, at 305-262-2728 to learn more.
Lien Stripping or Loan Workouts
Through a repayment plan under Chapter 13, you can classify your second mortgage, home equity credit line or any other junior lien as unsecured credit. This is called lien stripping. All unsecured credit is then worked into your three- or five-year repayment plan. As long as you meet all requirements under your plan, any leftover unsecured debt will be wiped away at the end of your plan.
While we may be able to assist you with eliminating your second mortgage, you must remember that you are still responsible for your first mortgage. If you fail to make your payments on your mortgage, you may find yourself facing foreclosure proceedings.
If you would prefer to avoid filing bankruptcy to resolve issues with your second mortgage, our Miami bankruptcy lawyers can seek a loan workout with your lender. This workout may include obtaining a loan modification regarding the interest rate, monthly payment amount or other loan terms.
Focused on Helping You Make the Right Decision for Your Situation
We will evaluate both of these options, as well as any other available means of obtaining debt relief for you. We will discuss the consequences of each option so you are able to make an informed decision as to how you would like to proceed. We will be here to answer your questions and guide you through the process every step of the way.
Contact Our Miami, Florida, Law Firm to Discuss Your Second Mortgage Concerns
Whether you have a second mortgage on your home or on an investment property, we are here to help you understand your options. Call us at 305-262-2728 or contact our Miami law firm online to schedule your free consultation with one of our experienced lawyers.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
