Save Your Home From Foreclosure

Once we  file a Chapter 13 Bankruptcy Petition on your behalf, an automatic stay goes into effect and your mortgage lender is forced to stop a foreclosure sale on your home!   Filing under Chapter 13 stops lenders from foreclosing and gives debtors extra time to repay mortgage arrears.  Chapter 13  allows  debtors to cure their mortgage arrears through a payment plan of up to sixty months.

Debtors can similarly use Chapter 13 to prevent repossession of their cars.

 

Strip Away Second Mortgage

A second mortgage usually reduces your home equity to a small margin.  The Bankruptcy law allows bankruptcy judges to strip away a second mortgage in cases where real estate values have declined to the point that the value of your home is equal to or below your first mortgage.      Getting your second mortgage or lien eliminated during Chapter 13 bankruptcy is referred to as “stripping” the lien.   

Imagine if you only had a first mortgage and no second mortgage or home equity line of credit?                                                                                                       What if you could effectively wipe out a significant chunk of the amount you owe on your home?                                                                                                         The Bankruptcy Law Center New York can help you to get rid of a second mortgage and protect you from excessive debt.

You don’t have to lose your home. If you are a homeowner underwater, call us at the Bankruptcy Law Center New York and ask us about this POWERFUL Chapter 13 tool of lien stripping.  You will be glad you did.