Stripping Unsecured Liens

In the wake of the housing market crash, many homes are now worth considerably less than the mortgages taken out against them. To make matters worse, many people with these houses are having difficulty making mortgage payments, particularly when they have more than one mortgage. If you have found yourself in such a scenario, it is important to know that you have options.

If your home's value has decreased to where it is worth less than the value of your first mortgage, you can remove or "strip" the value of a second or additional mortgage in bankruptcy. While this tactic typically only applied to Chapter 13 bankruptcies in the past, it is now possible to do it in a Chapter 7 filing, depending on circumstances. It is, however, critical to ensure that you undertake filing correctly, with an eye on your unique situation.

Bradenton Unsecured Mortgage Attorney

We at Blanton Law, P.A., are committed to bringing more than 30 years of combined bankruptcy experience to help guide you through the bankruptcy process. By working closely to understand your unique situation, we can analyze what mortgages can be stripped. From there we can work to save your house and get you a clean slate on financial life.

To discuss any Chapter 7 or Chapter 13 bankruptcy issue in a free initial consultation with one of our Venice, Florida, lien stripping lawyers, call 941-584-4263 or email the firm.