Call Now!
Call Us 414-326-9231 608-260-7133 Text Us 414-326-4709
${site.data.firmName}${SEMFirmNameAlt}

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 that 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 determining 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
Email Us For A Response

Free Case Evaluation

* indicates required field

Miller & Miller Law, LLC
  • VISA
  • Master Cards
  • Discover
Milwaukee Office map Madison Office map Kenosha Office map

633 W Wisconsin Ave, Suite 500
Milwaukee, WI 53203

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

2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Office

6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Office

Appleton Office
4321 W. College Ave.
Suite 200
Appleton, WI 54914

Phone: 920-280-3838
Appleton Office

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

Phone: 262-261-0665
Brookfield Office

Glendale Office
6333 N. Green Bay Avenue
Glendale, WI 53209

Phone: 414-973-8662
Glendale Office

Fax: 414-277-1303 - We also have offices in Appleton, Glendale and Brookfield to better serve you.