Lien Stripping Attorney in Cerritos
Saving Your Home
Honest, hard-working people are finding themselves in the situation of being unable to make their mortgage payments. At the RJB Law Offices, we have many forms of debt relief or
debt settlement that may be correct for you. One of these methods is called "lien stripping." In order to utilize this method, you must have a second mortgage and the current value of your home must be less than what you owe on the first mortgage.
A lien is a legally recorded document that states you owe a creditor a certain amount of money. This lien can attach to real property and allows for the creditor to collect money, before you do, on the sale of your home. Secured debt, such as your first mortgage, normally can't be stripped through bankruptcy. Your second mortgage was secured by the property it was borrowed against, your home. Your house is, however, now worth less than the first mortgage. As the first mortgage takes precedence over any others, your second mortgage is now unsecured. Through filing
Chapter 13 bankruptcy, your second mortgage can be stripped as unsecured debt. You can use the services of a skilled
Cerritos bankruptcy lawyer to see if bankruptcy is the correct financial solution for you.
The bankruptcy process is intended to relieve or remove debts while giving an individual a new financial start. The key element of Chapter 13 is a repayment plan. Through this plan you repay your debts over a 3-5 years period, in a way that is agreeable to your creditors and the court and is realistic for you to accomplish. We work with our clients to establish if they qualify for Chapter 13 and to make certain they understand the procedure.
You must, of course, make your mortgage payment and stick to the repayment plan. The end result can be a new start, free of debts you are unable to pay, and the security of being in your own home. We feel that this peace of mind is well worth the effort put towards it.
Contact a lien stripping attorney in Cerritos
when you are unable to make your mortgage payments and require a swift, workable legal solution.