Nashville Mortgage Bankruptcy Attorney
Over the last few years, the housing market has been severely depressed. Millions of homeowners find themselves "underwater" on their mortgage. Many people are having serious difficulties making regular payments on their mortgage. Other people have more than one mortgage, and are having trouble staying on top of these payments. If you are struggling to save your home, you need to know all of your options. For many homeowners, Chapter 13 bankruptcy is a way to stop foreclosure and save their home.
The Nashville law firm of David F. Cannon has helped homeowners across Tennessee save their homes by filing for Chapter 13 bankruptcy. Our lawyers offer knowledgeable, dedicated service during a difficult time.
Chapter 13 bankruptcy will stop any foreclosure proceedings and will allow you to pay your past-due mortgage balance over a three- to five-year period. One of the advantages of Chapter 13 bankruptcy concerns second and third mortgages. If the value of your home has decreased to the point where your home is worth less than the value of your first mortgage, you can remove, or strip the value of your second or additional mortgage in bankruptcy.
An example of how lien stripping works: The value of the first mortgage is $130,000. The value of the home is now $120,000. The second mortgage is worth $15,000. Under a Chapter 13 filing, the second mortgage can be removed, or stripped. The amount stripped is added to your unsecured debt to reduce your plan payments.
Lien stripping can represent a powerful savings. Attorney David Cannon has practiced bankruptcy law since 1991, and he understands all the intricacies of bankruptcy law. If you have more than one mortgage and are concerned about being able to keep your home, our law firm will help you understand your options under the law.
Contact a Tennessee Stripping Off Second Mortgages Lawyer at David F. Cannon
Call 615-800-3725, toll free at 877-696-8680, or e-mail our law firm today to discuss how we can help you.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
