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Eliminating 2nd Mortgages Through Bankruptcy

How an Arizona Bankruptcy Lawyer Can Help

With the economy how it is today, so many homeowners have lost large amounts of equity in their properties. A lot of homeowners find themselves digging a hole they can’t get out of their mortgages, basically owing more to their lender than the homes are worth. In the most recent years, many people across the United States bought their homes with 2 mortgages: they did so with an 80% 1st and 20% 2nd (80/20). Some of these loans are Adjustable Rate Mortgages or (ARM), which adjusts their interest rate higher over a period of time.

If this is the case with your mortgage or you refinanced and took out a 2nd, you might now be in a situation where you  are having a hard time making your monthly payments. This is where retaining the services of a qualified Arizona bankruptcy attorney comes in handy. We will help you weigh out the pros and cons to see if eradicating your 2nd mortgage is the right plan for you.

If You Owe More Than Your Home is Worth

If the value of your home has decreased below the total outstanding balance of your 1st mortgage, it is very possible to eradicate or “strip off” your 2nd. This is best done with a Chapter 13 bankruptcy.

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***The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.
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