Stripping a Junior Mortgage in Colorado
In this economy, homeowners have frequently been faced with the cost of paying for a home that is not worth what is owed on the mortgage. If you have a first and second mortgage (or even three or more mortgages), and the principal balance of the first mortgage is greater than the value of the home, in a Chapter 13 bankruptcy, the 2nd and subsequent mortgages on your home can be voided (i.e. removed) upon successful completion of a plan.
In the right circumstances, stripping a second mortgage or third may be worth looking into. It may be worth paying an appraiser to get a second opinion of the property value. This may prove worthwhile to file for Chapter 13 Bankruptcy. Call the Denver metro area Bankruptcy Attorneys at George T. Carlson & Associates for a free consultation and learn whether in your circumstances a junior mortgage can be removed.
Contact a Denver, Colorado Bankruptcy Attorney Today
If you are seeking legal representation or would like more information about our services, contact our office today for a free consultation with an attorney. You can reach an experienced lawyer toll-free at 303-789-1313 or by contacting us online.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
