Nevada Second and Third Mortgage Elimination Services
For many people experiencing financial hardship, some of the most difficult bills to keep up with can be payments on first, second and third mortgages. What most people don't know is that if the value of their home falls below the amount they owe on the primary mortgage, there is a way to possibly eliminate the second and third mortgages through a process called "lien stripping" in a Chapter 13 bankruptcy.
At the law firm of Bowler Dixon & Twitchell LLP, we represent clients in all aspects of Chapter 7 and Chapter 13 bankruptcy. We have helped clients throughout southern Nevada remove liens on their property for second and third mortgages through Chapter 13 bankruptcy. This process is complex and should be handled by an experienced lawyer.
Contact us online or by telephone at 702-425-5671 to discuss your case with one of our Henderson lien-stripping attorneys.
How Lien Stripping Works
Suppose the principal on your primary mortgage is $350,000. Over the years, you took out second and third mortgages of $100,000 and $75,000 respectively. If the real estate market goes down and the value of your house goes below $350,000, there is not enough value in your house to secure the balance owed on your second and third mortgages.
By filing Chapter 13 bankruptcy, you may have the liens for the second and third mortgages stripped from your property and have the debts reclassified as unsecured. Once you have completed your Chapter 13 repayment plan, the second and third mortgages may be discharged just like a credit card or any other unsecured debt.
Call for a Free Bankruptcy Consultation
If you have questions about lien stripping and eliminating your second or third mortgages, speak to one of our lawyers. We offer a free initial consultation to bankruptcy clients so it won't cost you anything to get your questions answered. Contact us online or by telephone at 702-425-5671 to speak with an experienced Nevada lawyer. Our law offices are located in Henderson, Nevada, but we serve clients throughout the state.
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
