Remove Second Mortgages (Lien Stripping)
Legal Help Stripping Liens and Removing Second Mortgages
Meiners Law Office, PLC is devoted to people in distress with their debt and house payment problems. You may have bought or refinanced a home during the peak of the house real estate market and now find that the current market value of your home is less than what you owe on your first mortgage. The firm regularly assists clients like you in lien stripping, which removes second, third, and home equity line of credit (HELOC) mortgages.
If you have liens on your property and owe more than the house is worth, you don’t have to feel like you are hopelessly underwater financially to your house. Contact the office online or call 520-777-2198 to schedule a free initial consultation.
“Lien stripping is a great way to be paying for what your house is worth instead of what you owe.”–Attorney Ross Meiners
NEW 7/2015: Chapter 20 Lien Stripping Now Available in Arizona!
Pursuant to a recent bankruptcy appeals court decision In re Boukatch, Chapter 7 debtors who recently completed a Chapter 7 case and received their discharge can immediately thereafter file a Chapter 13 plan and remove a second lien on their home even if they aren’t eligible for a Chapter 13 discharge. Just like a normal Chapter 13 lien strip case, your house does need to be worth less than your first mortgage balance at the time of the filing of the Chapter 13.
Special Bankruptcy Process
People who owe more on their first mortgage than their house is currently worth can remove all junior liens (second/third/HELOC mortgages) on the property through a special process in conjuction with a Chapter 13 filing. When your case is completed, you own your home subject to only the first mortgage. All other liens are gone, and that can include HOA liens as well.
Meiners Law Office, PLC works with experienced appraisers to conduct an appraisal of your property to determine if filing Chapter 13 is appropriate for you, and also utilizes new electronic appraisal systems to keep your costs down if your home is eligible for this newer system. While many people may qualify for lien stripping due to decreased home values, that does not necessarily mean it is right for you. As part of the forward-thinking and long-term planning process, attorney Ross Meiners will discuss your property’s worth, your objectives, and your debts before establishing whether removing additional mortgages is appropriate based on your circumstances. Generally, if you plan to stay in your home for a length of time, then those situations are ideal for stripping liens of your home.
Only Pay the First Mortgage, not the Second or Third
During your case and after, you will only have to continue paying the first mortgage on your property, so long as mortgage is successfully stripped from your property. The case even allows you to cure an arrearage or delinquency on the first mortgage. A Chapter 13 is a route to keeping your home. Your attorney will handle all the paperwork, filings, and proceedings with the lender for you. Additionally, he will be by your side throughout the entire case, providing guidance and answering questions.
Meiners Law Office offers a free initial consultation and is located in Tucson, Arizona. To schedule your appointment, contact the office online or by calling 520-777-2198.