Lien Stripping a Second Mortgage in Indiana
How Chapter 13 And Lien Stripping Can Help Save Your Home
Facing the prospect of losing your home is a frightening ordeal. Many times, homeowners who are struggling to pay their mortgages are so overwhelmed that they wait too long to get help. It is important to know that you have options and you can take action.
The Law Office of Steven P. Taylor, PC has helped people in Indiana avoid foreclosure. We understand that you may feel as if there is no way out of your current financial situation. I will take the time to review your finances and discuss all of your options with you. In some cases, filing bankruptcy and discharging a second mortgage helps homeowners save their homes. Speak with an experienced Indiana bankruptcy lawyer today to learn if this is the right option for you.
Discharging a Second Mortgage or Home Equity Loan
Many people who have home equity loans or second mortgages find that their real estate values have dropped so much that the property only provides enough value to secure the first mortgage. In this situation, you may be able to strip the second mortgage from your property and discharge it in bankruptcy. This process is called lien stripping and can be a useful tool for reducing your debt.
We will take care of all matters related to stripping a second mortgage/home equity loan from your property by filing Chapter 13 bankruptcy. Then, by gathering information on the fair market value of your property, we can show the bankruptcy court that the value of the property is less than the first mortgage, which means that the second mortgage is not secured by the property.
Contact Us about Lien Stripping a Second Mortgage
Contact the law firm of Steven P. Taylor, P.C. at (317) 271-1111 or (765) 868-0807 for a free consultation to determine if Chapter 13 bankruptcy is right for you or email me your questions. Attorney Steven P. Taylor’s practice is focused on consumer bankruptcy law and he possesses the knowledge and experience necessary to guide you through a successful bankruptcy filing.
However, the unfortunate reality is that many people delay seeking representation. They rely on the representations from mortgage brokers, their mortgage company, or third parties who promise that they can procure some type of loan modification rather than independent legal counsel who is looking out for you.
What is foreclosure?
Foreclosure is a legal proceeding in which a creditor pursues legal action to take real estate against which they have loaned money and the debtor has defaulted on his or her obligation to make payments. If the creditor sells the real estate at the sheriff sale to try and satisfy their loan, any remaining balance after the liquidation (sale) is called a deficiency balance. Debtors are still obligated to pay the deficiency balance even after they lose the property.
How does bankruptcy stop a foreclosure?
Bankruptcy provides for an automatic stay, which halts all collection efforts including the foreclosure legal proceedings or sheriff’s sale of your real estate. Indiana is a judicial foreclosure state, which means that Indiana residents still own their real estate until the sheriff sale is over. Generally, upon notification of a bankruptcy filing, mortgage creditors are REQUIRED to remove the real estate from the sheriff sale and comply with the Debtor’s repayment plan under chapter 13.
For example, a Debtor who was 8 months delinquent on a mortgage where the payments are approx $800.00 per month, could file a Chapter 13 Bankruptcy and pay back the $6400.00 delinquency plus the regular mortgage payments over the plan life.
What should you do now?
If you face foreclosure unfortunately time is not on your side. If I am going to help you make this foreclosure mess go away, we need to talk as soon as possible.
How do I get started?
CALL Steven P. Taylor, P.C. | Indianapolis Chapter 13 Bankruptcy Lawyer
The first step in the process is finding an experienced bankruptcy attorney. We understand that for many clients, Saturdays are the only days they have off, so we make ourselves available. We welcome the opportunity to meet with you to talk to you about your situation at no charge. More than anything, we look forward to helping our clients get a fresh start so that they can start living their lives again.
Download Initial Worksheet
Download Budget and Required Document Checklist
Prior to your first meeting with my office, please complete the above downloads. They can provide me with further insight into your financial situation and allow me to determine if Chapter 13 bankruptcy to save your home will work for you.
Steven P. Taylor, P.C. | Indianapolis Chapter 13 Bankruptcy Lawyer
Contact the law firm of Steven P. Taylor, P.C. today at (317) 271-1111 or (765) 868-0807 for a consultation about whether you should file for Chapter 13 bankruptcy to stop foreclosure in Indiana or email us your questions. Steven P. Taylor will assist you in determining whether a Chapter 13 bankruptcy is the best path for you, and will guide you through the bankruptcy process.
|