When you owe money on a second mortgage, it is considered unsecured debt if your property is valued no greater than your first mortgage. Through Chapter 13, this type of debt (unsecured) may be discharged. The lender cannot collect on this second mortgage because there is no backing of property for the mortgage. In a Chapter 13 bankruptcy, the bankruptcy court has jurisdiction to determine that a second mortgage on a home or other type of property is unsecured debt.
At Volman Law, our firm is extensively experienced at handling a wide range of bankruptcy-related issues, including Chapter 13 bankruptcy filings. Our firm is dedicated to setting you back on a better financial path. We have helped many people who are struggling with seemingly insurmountable debt save their homes, save their cars and obtain a fresh financial start. We can talk to you about your options and help you understand how stripping a second mortgage can be beneficial. If you wish to explore stripping a second mortgage in order to regain control of your finances, contact an attorney at Volman Law at 203-929-7771 to schedule a free initial consultation Stripping a second mortgage can help you deal with the debt that you are facing and the underwater feeling you may have. By stripping away the second mortgage, your debt can be reduced and you can focus on paying down the other debts that you owe.
- In addition to helping clients strip a second mortgage through Chapter 13, we also represent clients in the Chapter 7 bankruptcy process.
Volman Law can take the time to explain the complexities of stripping second mortgages. We are committed to helping you understand your options and guiding you through the bankruptcy process. Contact our Connecticut bankruptcy lawyers at Volman Law to schedule a free initial consultation.
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