What is lien stripping and how can it help save my home?
When you are trying to save your home, lowering the amount you owe on the property is one of the best things you can do. Depending on the circumstances of the situation, this can be a very accessible option for people who have taken out home-equity loans or other types of second or third mortgages through a process known as lien stripping.
Lien stripping is a process that allows you to have liens on your property removed as part of a Chapter 13 bankruptcy. The key eliminating second and third mortgages is the current value of your home. If the balance on your mortgage is higher than the value of your home, you may be able to get the additional mortgages declared unsecured debts, which may be eligible for immediate discharge.
Get the help you need to navigate a complex process
There are specific steps that must be taken in the lien stripping process and specific criteria that must be met. An experienced lawyer can help you navigate this often complex process and help you understand if you are eligible. Even if you are not, you could still benefit from a Chapter 13 bankruptcy.
Most bankruptcy lawyers offer a free consultation where you can get your questions answered without obligation. Take advantage of the opportunity to get sound advice from a knowledgeable lawyer so you can make the best possible decision for you and your family. The bright future you have been looking for may be closer than you think.