New Jersey Foreclosure Lawyer
One of the first options that people consider when they find themselves falling behind on their mortgage and facing the threat of home foreclosure is mortgage modification. Unfortunately, mortgage modification is only successful in very rare situations. However, that does not mean there are no options. You may be able to strip your second mortgage or third mortgage.
I am attorney Joel R. Spivack. With more than 20 years of experience on my side, I know all of the options available for people who have become overwhelmed by mortgage debt. I will take the time to review those options with you and guide you toward the one that makes the most sense for your unique situation.
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Stripping second mortgages is actually a better option than loan modification for most. Although getting a reduced interest rate or stretching out the duration of a mortgage can be helpful, completely eliminating a second mortgage tends to be much more so.
When Can a Second Mortgage Be Stripped?
You may be eligible for this option if the value of your house is worth less than the amount of your first mortgage. For example, if your mortgage is $350,000, but your house is only worth $300,000, you may be able to strip your second mortgage and third mortgage so you can focus on paying your first. Mortgage stripping is only an option when done as part of a Chapter 13 bankruptcy.
Schedule a Free Initial Consultation
My office is open weekdays from 8 a.m. to 5 p.m. and offers free parking. Contact me today at 856-324-6165 or toll free at 888-314-6433 for a free initial consultation with a Cherry Hill home mortgage attorney. You can also contact me by e-mail.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
