You Can Get Rid of a Second Mortgage
In the past, a variety of options existed for people with property value that had decreased to the extent that it was less than the amount of the debt. Mortgage cram down was a possibility that would allow debt to be brought back in line with the value of the property. Unfortunately, that possibility is no longer available due to current laws in Colorado.
However, the possibility of stripping a second mortgage is still available in many situations. At the Meurer Law Offices, you will find an attorney with more than 15 years of experience providing debt relief services to people in Denver and the surrounding area. If an opportunity exists, you can be certain that we'll be able to find it.
When is Stripping a Second Mortgage an Option?
When the value of the real estate has decreased to the point that the second mortgage is now unsecured, stripping that mortgage becomes an option.
For example, if a first mortgage is for $350,000 and the second is for $100,000, but the home is now only worth $325,000, the second mortgage is no longer secured. That debt can be stripped from the property, then discharged through the bankruptcy process. This can be a valuable option when the creditor is seeking foreclosure or if debt has simply become overwhelming.
Stripping second mortgages, as well as other forms of mortgage modification, will be reviewed thoroughly as an option when you bring your case to us. We will take great care to protect the equity you have in your home. We will guide you to the option that is right for you.
Initial Consultations are Always Free
All cases are handled on a fair, flat fee basis. We never sneak in extra charges for copies, postage or anything else. You will know the cost up front. There will be no surprises.
To review your case with an experienced lawyer, call us at 888-842-5857 or send us an e-mail.
