Stripping Your Second Mortgage


Georgia Bankruptcy Attorneys With the Help You Need

Is Your House Underwater?

With the epic failure of our country’s housing market over the past number of years, many people are finding themselves in houses that are “underwater” — which means that the house is appraised as being worth less than what is owed on it. Our Atlanta mortgage and foreclosure lawyers can help you with you options and lien stripping

We Can Help • Atlanta Chapter 13 Bankruptcy Attorneys

Stripping Your Second Mortgage

At The Slomka Law Firm, we have a wealth of experience “stripping” second and subsequent mortgages for our clients. If your first mortgage is worth even $1 more than the value of your home, we can most likely eliminate the liens placed on your property by your second mortgage. Put your trust in our Atlanta mortgage and foreclosure lawyers to work with you to find the best option.

How It Works

Although it seems a little complicated at first,  Atlanta lien stripping in a Chapter 13 bankruptcy is actually pretty simple. If a borrower doesn’t pay on a mortgage, the lender can foreclose on the property. The mortgage is said to be “secured” by the value of the property. Of course, the lender on your first mortgage has first priority to collect on the value of your property.

But if there is no value left after the first mortgage lender’s security, there is nothing to secure the subsequent mortgages. If your first mortgage lender is secured for $150,000, and the house is only worth $145,000, there is no value for the other mortgage lenders to attach to, and the second mortgage is no more secured than a credit card debt.

Although the second mortgage note will remain, our mortgage and foreclosure lawyers in Atlanta can remove the lien and make it unsecured. This means that you only need to pay what you can afford to pay, without the risk of losing your home in the process. This technique could help you save your home, and free up some monthly cash flow by removing the obligation to make your second mortgage payments.

Atlanta Debt Relief Lawyer • (678) 732-0001

Contact us online to sit down with one of our experienced Atlanta mortgage and forclosure lawyers at a free initial consultation and advice about lien stripping.