Chapter 13 lien stripping second mortgage
In a chapter 13, it’s possible that you could strip your 2nd mortgage or home equity line of credit. Even more so, you could possibly remove the lien as well. That’s why you need an experienced bankruptcy lawyer at your side to help you. The Law Offices of Omar Zambrano are able and willing to help you remove the lien from your home.
After the housing boom and bust, many of the homes that acquired 2nd mortgages exceeded the true market value of the home. It’s natural that many people involved in this seek Chapter 13 lien removal bankruptcy as a viable option for moving on with their lives and getting their finances in order.
Chapter 13 bankruptcy, unlike Chapter 7 bankruptcy, allows for the 2nd mortgage lien removal. Persons with regular, steady incomes may create payment schedules for repayment from 3 to 5 year period. Another great feature of Chapter 13 includes an automatic stay which will be placed upon filing, which forces all creditors to stop debt-collection, including foreclosure and harassing phone calls.
Lien stripping in Chapter 13 bankruptcy allows the 2nd mortgage to go from secure debt to unsecure debt. A judge has the ultimate say of granting a Chapter 13 or not, but your lawyer is the one who will work with you to determine if your monthly budget plan is feasible or not. The Law Offices of Omar Zambrano are aware of the tricky nature of Chapter 13 bankruptcies, which is why we like to build open and honest relationships with clients so that we can be realistic and ultimately successful.
Is Lien Stripping the right choice for you?
The Law Offices of Omar Zambrano can help you to decide if Chapter 7 or Chapter 13 bankruptcy is better for you. Omar Zambrano is knowledgeable about all of the requirements for both Chapters, and helps you to analyze your complete situation to decide what your next move is to stripping your lien.
Call the Law Offices of Omar Zambrano today to schedule a free consultation.
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