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Eliminating a Second Mortgage

Working with a Modesto Bankruptcy Attorney

Many homeowners in the United States have two mortgages. The first mortgage generally covers the majority of the cost of the home and was taken out initially when the home was purchased. The second mortgage is often smaller, but at a higher interest rate. These necessary loans, although they can help provide favorable credit, can cause a great deal of stress to financially-strapped families.

If you have a second mortgage that you are looking to eliminate, you may have come to the right place. At Scott Mitchell Law Incorporated, our knowledgeable staff has the experience necessary to provide our clients representation they deserve in their time of need. If you are looking to eliminate a mortgage through refinance or bankruptcy, allow a Modesto bankruptcy attorney at Scott Mitchell Law Incorporated to help you.

Elimination Through Refinance

If bankruptcy does not seem like the best option for you and your family, you may be able to eliminate a portion of your loan through refinancing. When you refinance a mortgage, it is important that you work with a legal professional who fully understands California laws as they pertain to:

  • Homeownership
  • Property
  • Contractual agreements

Our team will help you gather all necessary paperwork to send to your mortgage lender or provider informing them that you wish to refinance your loan.

If it is determined that the best course of action to take would be refinancing through a different lender, start shopping around for low interests rates and combined loans. When you have found a provider you feel comfortable with, our team can help you send the prospective lender the necessary documents and will work with a realtor to determine the current market value of your home. When equity has been established, you may sign the final documents and eliminate a second mortgage or receive reduced interest rates on your loans.

Elimination Through Bankruptcy

In some cases, the best possible solution to eliminating a second mortgage is to file for a Chapter 13 bankruptcy. In a Chapter 13 bankruptcy, you will be able to retain all non-exempt assets while being able to afford to pay back lenders. When you file for bankruptcy, you may be able to qualify for lien stripping. This may be possible if the value of your home has declined during the course of your homeownership and the bankruptcy court can determine if the second mortgage can be stripped off your mortgages without fault or penalty.

When the court determines that you are eligible for lien stripping, the second mortgage is reclassified as an unsecured debt – therefore being eliminated through the bankruptcy process. To determine if the value of your home has greatly dipper or if you are eligible for lien stripping and removing a second mortgage through bankruptcy, contact Scott Mitchell Law Incorporated as soon as possible.

Working with Scott Mitchell Law Incorporated

Are you ready to move forward with your case? Feeling anxious about what the future may hold? Now is the time to act! The team at Scott Mitchell Law Incorporated has been assisting clients in the Modesto area for nearly a decade in achieving favorable resolutions to their legal cases. If you have questions or concerns regarding your debt situation and how best to go about eliminating debt and second mortgages, contact the firm to schedule a free case evaluation. With the guidance of the team from Scott Mitchell Law Incorporated, you may be able to eliminate debt and high interest mortgages and come out on top of your financial woes. Contact a Modesto bankruptcy lawyer at the firm today to get started.

Fees and Payments

Here at Scott Mitchell Law Incorporated, when it comes to fees and payments, we strive to be flexible with clients who are seeking legal representation. We offer payment arrangements, flat fee contracts, and traditional retainer agreements. We understand legal representation is necessary for all, and yet difficult for most to pay the fees all at once. Although we cannot guarantee that everyone will be able to hire us, we do promise to do what we can to make it possible for you to hire one of our attorneys to represent you.