Stripping a Second Mortgage Through Bankruptcy

Financial Relief for Homeowners Under Water

Mortgage debt may seem insurmountable, especially if you have a second mortgage or have been extended a home equity line of credit. If you find yourself unable to keep up with your mortgage payments, however, there are solutions available to you.

Payment Plans Available

We understand that when you are facing financial difficulties, it can be hard to come up with the entire fee for filing bankruptcy all at once. We have easy payment plans available to help you be able to afford the immediate relief you deserve. For more information about getting started with our easy payment plan, call 203-326-1229 or contact us online.

Chapter 13 bankruptcy provides a way to strip your second mortgage or home equity line of credit. At Edward W. Vioni, Attorney at Law, LLC, we can explain the Chapter 13 process to you and help you use that process to get the debt relief you need.

Can I Get Rid of a Second Mortgage?

In order to get rid of a second mortgage, third mortgage or home equity line of credit, your house must be "under water." This means that the value of your home is less than the current balance of your existing mortgage debt.

If the value of your home has been greatly reduced in the recent housing crisis, you may be able to get rid of any other home loans that exceed the value of your house. For example, Linda has a home worth $200,000. Her first mortgage is for $250,000 and her second mortgage is worth $40,000. Since her first mortgage exceeds the value of her home this second mortgage will become unsecured in Chapter 13 bankruptcy and can be discharged.

When you work with our firm, we will closely examine all of your debts to determine a solution that works best for you. If stripping a second mortgage is in your best interests, we can help you file for Chapter 13 bankruptcy. Filing for bankruptcy can also put a stop to home foreclosure and help you reorganize your debts into manageable monthly payments.

Speak with an Experienced Bankruptcy Attorney

Questions about bankruptcy? Get answers now. When you choose our law office, you work directly with an experienced bankruptcy attorney, not a paralegal or staff memeber. For more information directly from an experienced bankruptcy attorney, or to get started with our easy payment plan, call 203-326-1229 or contact us online.

Contact Our Connecticut Law Offices

Get the help you need with your debt issues. We are committed to providing you with aggressive and cost-effective representation at every stage of your case. Call our Norwalk office to schedule a free consultation with a bankruptcy lawyer at 203-326-1229. Bankruptcy and foreclosure defense case studies are available upon request.