Eliminate Second Mortgages in Massachusetts
There are certain situations when a second mortgage is required for homeowners, either at the time of purchase to provide a down payment or to make essential repairs and renovations. Unfortunately, many homeowners who have second mortgages will quickly find themselves in financial trouble, and juggling two mortgage payments can become impossible. Depending on your financial situation, eliminating your second mortgage might be all you need to get back on track with your finances.
How Does Second Mortgage Elimination Work?
One way to eliminate your second mortgage is to file for Chapter 13 bankruptcy in Massachusetts. Part of the process for Chapter 13 is something known as “lien stripping,” which is something that you might qualify for with the help of an experienced attorney. If the current market value of your home is less than the amount of the first mortgage, you may qualify for lien stripping as part of your Chapter 13.
The court converts the second mortgage from a secured debt to an unsecured debt, meaning it will be treated in the same way as other types of unsecured debt. This includes credit cards, medical debt, and other unsecured loans. A repayment plan will be required by the court, which must be adhered to for the entirety of the bankruptcy terms. Once those payments are completed, the court will then discharge whatever debt is remaining for the second mortgage and other unsecured debts. Contact Logan A. Weinkauf right away to schedule a consultation to find out if a Chapter 13 and second mortgage lien stripping plan is right for you.
Let Us Help You Resolve Financial Challenges
In conclusion, Attorney Logan Weinkauf offers a comprehensive range of services aimed at providing effective solutions to your financial and legal challenges. Whether you are seeking asset protection, debt relief, foreclosure prevention, or assistance with tax matters, our experienced team is dedicated to guiding you through the complexities of bankruptcy law. We are committed to helping you regain control of your finances, protect your assets, and find the best possible resolutions for your unique situation. With Attorney Logan Weinkauf by your side, you can trust that your case will be handled with expertise, compassion, and a commitment to achieving your desired outcomes. Contact us today to schedule a consultation and take the first step towards a brighter financial future.