Understanding Your Lien Avoidance Options in a Debt Repayment Bankruptcy
Although Congress has yet to allow for the renegotiation or modification of home mortgages in bankruptcy, people who have no equity in their homes have the ability to avoid certain mortgage liens through the procedure known as lien or mortgage stripping. This can be a powerful tool for improving your ability to stay in your home while reducing your monthly payments on mortgage debt. To find out how lien stripping might work in your situation, contact the Law Office of Jacqueline Y. Blade in Westlake Village.
We serve the needs of people facing mortgage foreclosure or cash flow problems in all of Ventura County and other communities including Agoura Hills, Woodland Hills and Malibu. Using our experience with Chapter 13 bankruptcy, we can often find ways to improve your financial situation.
Ventura County Chapter 13 Lien Stripping Attorney: Call 805-496-2311
The term lien stripping refers to the bankruptcy procedure of avoiding a security interest in property that is worth less than the amount owed. If you owe more on your first mortgage than the value of your home, the liens represented by any second mortgage, home equity line of credit or other secured credit balances can be stripped away in Chapter 13 bankruptcy. When there is no equity at all to meet the claims of creditors holding junior mortgages or liens, those liabilities will be regarded as unsecured claims treated the same as any other debts owed to unsecured creditors.
Lien stripping is typically accomplished by objecting to the junior mortgagee's claim and presenting evidence that the value of the home is worth less than the balance owed on the first mortgage or any other senior lien.
Understanding Debt Relief Options in Camarillo, Oxnard or Westlake Village
Attorney Jacqueline Y. Blade can tell you whether this lien stripping strategy will be effective in your case, and advise you about ways it can help you reduce your monthly payments on current claims against your home. For an experienced lawyer's advice about lien stripping in Southern California bankruptcy, contact Ms. Blade's office in Westlake Village.
We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.