Save Your Home
A Chapter 13
reorganization Bankruptcy is a very effective tool for financially
distressed home owners during this current housing crisis. Filing for Bankruptcy
under Chapter 13 stops lenders from foreclosing and gives you the time
you need to repay mortgage arrears. Once our office files a
Chapter 13 Bankruptcy Petition on your behalf an automatic stay goes
into effect and your lender is forced to stop a foreclosure sale of your
home. In addition to stopping a foreclosure sale filing for
Chapter 13 may eliminate your 2nd Mortgage.
HOW CAN YOU GET RID OF YOUR 2nd
MORTGAGE?
Home values have been going down in the San
Diego area for the past two years. If your home is currently worth
less than you owe on your first mortgage, you may be able to eliminate
your second mortgage (and third if you have one) through a Chapter 13
Bankruptcy. An additional benefit of Chapter 13 Bankruptcy is that it
can help you to reorganize your tax debt, credit card debt, medical
bills, vehicle loans and more!
In a Chapter 13 bankruptcy where the home is
worth less than the first mortgage, the judge can order your second
mortgage lien “stripped” and the bank that holds your second mortgage
now becomes an unsecured creditor. CALL OUR OFFICE NOW AT:
619-574-0551 to find out if filing for Chapter 13 Bankruptcy could
eliminate your second mortgage and at the same time reorganize AND
consolidate your credit cards and other debts into one low fixed monthly
payment
If you are considering walking away from
your house because you do not have any equity in the property, this
might be your chance to keep your home and rebuild equity.
ALREADY IN A LOAN MODIFICATION BUT STILL
HAVE A SECOND MORTGAGE?
Great, we can still do a Chapter 13,
possibly get rid of your second mortgage and at the same time,
consolidate your debts together giving you one low fixed monthly
payment.
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LOAN MODIFICATION
Did you know that taking money up front for a loan
modification is ILLEGAL! Do not give money to a company that promises
to do a loan modification.
Very few loan modifications are successful.
The truth is that banks have little incentive to reduce the amount you
owe on your mortgage or to lower the interest rate on your loan. Most
banks would rather let you fall into foreclosure so they can sell your
home for today's value and get it off of their books. Many people
who were approved for loan modifications are already in default on the
terms of the modification.
Click link for printable .PDF from the
National Consumer Law Center's "Outlook" Newsletter discussing why
Foreclosing is better
(CHEAPER) for the banks than helping their customers with a Loan
Modification.
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