Eliminating Second Mortgages
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 WPC right away to schedule a consultation to find out if a Chapter 13 and second mortgage lien stripping plan is right for you.
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Our experienced team specializes in a wide range of legal matters, including asset protection, Chapter 13 bankruptcy, Chapter 7 bankruptcy, debt relief, foreclosure prevention, loan modification, short sales, wage garnishment, credit card debt relief, debt collector harassment, eliminating second mortgages, levy garnishment, rebuilding credit, debt settlement, lien release, repossession, tax matters, and family law, wills, and trusts. We understand the overwhelming challenges that financial difficulties can bring, and we are here to provide you with expert guidance and representation. Trust Attorney Logan Weinkauf to advocate for your rights and help you navigate through these complex legal processes with confidence.
In conclusion, Attorney Logain 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 Logain 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.
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You shouldn't have to tackle all of the stress and frustration associated with these common individual and small business financial issues alone. Contact Attorney Weinkauf if you are facing serious financial trouble, and we will provide you with professional advice on what you can do to get out from under it all. Tell us about your concerns and the problems that you are facing, and we can explore your legal options together and find a solution that is right for you.
Logan Weinkauf has advised clients on creditor and debtor matters across many diverse areas of law, including corporate law, real estate, and family law issues in addition to bankruptcy. His experience puts him at the leading edge of debtor's rights, asset protection, and litigation, working as a trusted advisor to individuals, families, entrepreneurs, and business owners throughout Massachusetts. Call 508-375-3878 to schedule a consultation today and take the first step toward financial freedom.