Free Case Evaluation

 
 
X Close
Phone Call Us 414-326-9231
608-260-7133
Toll Free 866-678-9352
Text Us 414-277-7742
You can also feel free to text us at 414-277-7742 to set up your FREE appointment with our attorneys today

Eliminating 2nd Mortgages through Bankruptcy

Many homeowners during this economy have lost a great deal of equity in their homes. Milwaukee has seen a drop in property values. Many homeowners now find themselves "underwater" on their mortgages, owing more to their lender thatn their homes are worth. In the past few years many borrowers purchased their home with two mortgages: 80% first mortgage and a 20% second mortgage. If you obtained this type of loan or refinanced your home and took a second mortgage, you may find yourself having difficulty making your payments. Having a free initial consultation with one of our attorneys can assist you in determing whether the option of eliminating your second mortgage is right for you.

If the value of your home has fallen below the total outstanding balance of your first mortgage, it may be possible to eliminate or "strip off" your second mortgage. If you purchased a home for $300,000. with an 80/20 mortgage, you would have a mortgage of $240,000 and a second mortgage of $60,000. If the value of your home stands at $200,000. due to the economy and changing home values, you may be able to rid yourself of the second mortgage through a Chapter 13 bankruptcy. The amount that you owe on the second mortgage will be paid at the same rate as the rest of your unsecured debts. Eliminating a second mortgage through a Chapter 13 bankruptcy can help people get a fresh start.

No Comments

Leave a comment
Comment Information

Contact Our Milwaukee Law Firm

Reach Miller & Miller Law, LLC, online or call us at 414-326-9231 to schedule a free initial consultation. Our law office also provides Spanish language services. Se habla español.

To schedule an initial consultation, call 414-326-9231 or contact Miller & Miller today.

Free Case Evaluation

* indicates required field

 
 

Milwaukee Office
633 W Wisconsin Ave, Suite 500
Milwaukee, WI 53203

Phone: 414-312-6581
Fax: 414-277-1303
Milwaukee Law Office Map

Kenosha Office
6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Law Office Map

Brookfield Office
200 S. Executive Drive
Suite 101
Brookfield, WI 53005

Phone: 262-261-0665
Brookfield Law Office Map

Madison Office
2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Law Office Map