Скачать или смотреть Stuck With A Consensual Lien? California Lawyer Gebelt Explains The Potential Of Bankruptcy

http://www.goodbye2debt.com/

Law Offices of Nicholas Gebelt
15150 Hornell St
Whittier, CA 90604
(562) 777-9159

The simplest option is to pay the lien off entirely, but for some people, large amounts may not be feasible. There are situations, however, where wholly unsecured second mortgages can be addressed in bankruptcy. For example, during past downturns in the housing market, it was possible to remove second mortgages that were entirely unsecured.

Let’s say your home is worth $500,000, and you have a first mortgage with a balance of $600,000. You also have a second mortgage with a balance of $100,000. Under these circumstances, the second mortgage is wholly unsecured because the property value is entirely consumed by the first mortgage. There’s no equity behind the second mortgage, making it effectively unsecured debt.

In such cases, you can strip off the second mortgage in a Chapter 13 bankruptcy. While this doesn’t make the debt disappear outright, it converts it into unsecured debt, which gets treated like other unsecured debts, like debt from a credit card in your Chapter 13 repayment plan. For instance, if your Chapter 13 plan pays unsecured creditors 10% of what they’re owed, you’d only pay $10,000 on a $100,000 second mortgage, and the remaining balance would be discharged upon completion of the plan.

This can be an appealing strategy, but it’s only available when the second mortgage is completely unsecured. With current housing market trends, these types of opportunities are rare, but markets can shift unexpectedly. If property values drop again, there may be future opportunities to strip off wholly unsecured second mortgages.

For More Information About Bankruptcy, Please Visit:
https://en.wikipedia.org/wiki/Bankrup...

For More Videos, Subscribe Our Channel:
   / @lawofficesofnicholasgebelt6129  

Related Videos:

   • The Difference Between Secured And Unsecur...  

   • Видео  

   • Liens And Bankruptcy: California Lawyer Ex...  

   • How To Handle Judgment Liens With Bankrupt...  

   • Non-Bankruptcy Options For Dealing With Se...  

   • Everything You Need To Know About Reaffirm...