Glen Burnie Attorney: Lien Stripping for Primary Residences
Maryland Second Mortgage Cram Down Lawyer
Are you in danger of losing your home to foreclosure? Chapter 13 bankruptcy could be your home-saving solution. If your house or primary residence is encumbered to the point where you little or no equity in your house, you may be able to strip your second mortgage, third mortgage, or judicial lien/judgment. There are certain income limitations and every situation is different. That is why you need to consult with an experienced Chapter 13 lien stripping attorney.
Timothy J. Mummert focuses on helping individuals and families throughout Maryland with their bankruptcy and home foreclosure matters. As an experienced Glen Burnie lien stripping attorney, he will inform you of all your legal options including filing for bankruptcy and alternatives to bankruptcy. Please contact us today to talk freely, confidentially, and discreetly about your home foreclosure situation. Our clients include those from throughout the greater Baltimore area and beyond, including communities from Elkridge and Columbia to Odenton, Severna Park, Annapolis and Glen Burnie. We have offices in Glen Burnie and Columbia to meet with you.
Avoid Home Foreclosure by Eliminating/Stripping a Second Mortgage
Chapter 13 bankruptcy can be used to strip second mortgages, third mortgages, home equity lines of credit, and judicial liens/judgments. Your house must be underwater in order to be eligible for this. In other words, the value of your home must be less than what you owe on your mortgage. By stripping a second mortgage on your home, your mortgage now becomes unsecured debt. This is ideal because with Chapter 13 bankruptcy, unsecured debt at the end of the three-to- five-year repayment plan is dischargeable.
An important caveat to all of this is that a debtor must successfully complete the repayment plan. Otherwise the mortgage can become secured debt and once against be owed to the lender or creditor. Chapter 13 lien stripping can also work on second residences/rental properties by resetting the value of any mortgage (including first, second, and HELOC).
Schedule Your Consultation Today
Talk to us about Chapter 13 bankruptcy lien stripping and other foreclosure solutions at Timothy J. Mummert, P.A. Call 410-609-6715 or you can contact us online. We offer legal solutions without pressure to help people get debt relief enabling a return to peace of mind and productivity.