Lien Stripping and Second Mortgages

Because of the housing market crises of the last few years, millions of individuals and families have found themselves "underwater" on their mortgage — with a higher balance than the home's market value. This prevents the sale of the house unless the bank agrees to a short sale or the owner wants to finance the sale out of his or her own pocket.
To make matters worse, many of these homeowners are having serious problems making regular payments, particularly if they have more than one mortgage.
Chapter 13 bankruptcy is often the ideal solution to these problems.

New York Bankruptcy Options for Lien Stripping and Second Mortgages

Undertaking a Chapter 13 bankruptcy stops foreclosure proceedings and allows homeowners to pay delinquent payments over a three- to five-year period, and allows for the removal or "stripping" of the value of the second mortgage.
For instance, if a first mortgage is worth $200,000 and the house is now worth $150,000 and a second mortgage is worth $50,000, a homeowner can strip off the amount of the second mortgage and add it to unsecured debt to reduce payments in a Chapter 13 payment plan.
At the end of the payment period, you are able to discharge remaining unsecured debt, amounting to a savings of tens of thousands of dollars.
As an attorney, I've helped hundreds of clients in more than two decades of work strip off second mortgages to work toward a place of financial freedom. If you find yourself in a situation with an underwater mortgage, I'm committed to doing everything I can to help.
To discuss lien stripping in a free initial consultation with Nassau County lawyer Scott R. Schneider, call 516-433-1555 or e-mail him here.
I am a federally designated debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.