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Royal Oak Second Mortgage Lawyer

Handling a Second Mortgage During Bankruptcy

The more assets you have, the more you worry about losing if you file for bankruptcy. Luckily, if you plan correctly, you can maintain all of your property. An experienced bankruptcy lawyer can help you consider your full range of options. At the Royal Oak law office of Bidwell Tovarez, we help families across Michigan evaluate their options when trying to pay off a first and second mortgage while managing their debt.

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Your first mortgage is your most important mortgage, and these days, for most people with two mortgages, the first one eats up all the equity in the property. This will most likely leave the second mortgage completely unsecured. We can help you file an adversary proceeding to strip that lien off your property and leave you with just one mortgage.

With property values dropping dramatically, many more second mortgages are now unsecured, making lien stripping a valuable option. Dedicated to bankruptcy law, our attorneys know how this process works, and can help you take advantage of the current laws to maximize your financial security.

Michigan Chapter 13 Bankruptcy Attorney

In order to get rid of your second mortgage and save your home, you will have to file a Chapter 13 bankruptcy. When you file for Chapter 13 bankruptcy, you are agreeing to pay a portion of your debt back to your creditors over a three to five year period. You must complete your Chapter 13 case in order to strip the second mortgage lien. You cannot strip a second mortgage through chapter 7 bankruptcy.

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If you have multiple mortgages, you may be afraid it is too late to save your home. That is simply not true. We will help you find the best option for your family, so you can get a fresh start. Located in Royal Oak, we help families across Michigan stop foreclosure. Call 248-237-3718 or contact us on-line today for a free initial consultation.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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Bankruptcy Overview Bidwell Tovarez PLLC

333 W. 7th St., Suite 230
Royal Oak, MI 48067-2510
Local: 248-237-3718
Toll-Free: 866-959-6828
Fax: 888-806-0478
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