Lien Stripping Attorney in Cerritos
Saving Your Home
Honest, hard-working people are finding themselves in the situation of being unable to make their mortgage payments. At the Financial Recovery Law, we have many forms of debt relief or debt settlement that may be correct for you. One of these methods is called "lien stripping." In order to utilize this method, you must have a second mortgage and the current value of your home must be less than what you owe on the first mortgage.
A lien is a legally recorded document that states you owe a creditor a certain amount of money. This lien can attach to real property and allows for the creditor to collect money, before you do, on the sale of your home.
Secured debt, such as your first mortgage, normally can't be stripped through bankruptcy. Your second mortgage was secured by the property it was borrowed against, your home. Your house is, however, now worth less than the first mortgage. As the first mortgage takes precedence over any others, your second mortgage is now unsecured. Through filing Chapter 13 bankruptcy, your second mortgage can be stripped as unsecured debt. You can use the services of a skilled Cerritos debt negotiation lawyer to see if bankruptcy is the correct financial solution for you.
Chapter 13 Bankruptcy
The bankruptcy process is intended to relieve or remove debts while giving an individual a new financial start. The key element of Chapter 13 is a repayment plan. Through this plan you repay your debts over a 3-5 years period, in a way that is agreeable to your creditors and the court and is realistic for you to accomplish. We work with our clients to establish if they qualify for Chapter 13 and to make certain they understand the procedure.
You must, of course, make your mortgage payment and stick to the repayment plan. The end result can be a new start, free of debts you are unable to pay, and the security of being in your own home. We feel that this peace of mind is well worth the effort put towards it.
Contact a lien stripping attorney in Cerritos when you are unable to make your mortgage payments and require a swift, workable legal solution.
Real Stories From Real People
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“Discussing my situation with Ray was incredibly helpful.”
- Past Client -
“My husband and I are very pleased with how Financial Recovery Law helped us in our financial situation and appreciate the continues tips to better ourselves in our finances and building up our credit.”
- Past Client -
“Excellent service and very good advice.”
- Past Client