Anaheim Chapter 13 Lawyers – Anaheim Chapter 13 Attorneys – Anaheim Bankruptcy
We are seeing that a good number of people who face a foreclosure in Anaheim will be able to decrease, or maybe even completely eliminate their 2nd mortgage. All of this is done through a Anaheim Chapter 13 bankruptcy plan.
There is a trick though. As discussed on this site, the Anaheim homeowner must owe more on their home than the value. Sounds easy? Not always. For example, lets say your Orange County home is now worth $300,000.00 but you have $350,000.00 in loans on the property. If your 2nd mortgage is completely unencumbered, than the bankruptcy court may be able to strip it away. As Anaheim Chapter 13 lawyers, we estimate that twenty-five percent of Americans owe more on their home than it’s worth.
It is very important that you seek the advice of experienced Anaheim Chapter 13 lawyers who can guide you through the process. This is not something you want to do on your own. Once you have filed your Chapter 13 case, you will want to inform the bankruptcy court that you believe that the value of the home is less than what you owe. If the appraisals come back as anticipated, the court will then deem your second mortgage unsecured. The bankruptcy court can do this because, in fact, your 2nd mortgage is not secured by anything due to the decreased value of the home.
Your Anaheim Chapter 13 lawyers will make you aware that Chapter 13 bankruptcy is not a pain-free process, but it can be a necessary process to achieve the financial fresh start you deserve.
With Anaheim foreclosure rates at near record levels and loan modifications being denied at an alarming rate, skilled Chapter 13 lawyers are taking advantage of the bankruptcy code in order to accomplish a legally mandated loan modification. When the second loan is stripped, as long as you maintain your payments, you will be able to retain any equity that is built up over the life of your Chapter 13 plan.
We at the Law Office of Harold D. Thompson are Anaheim Chapter 13 Bankruptcy Lawyers dedicated to helping you get out of financial distress with a comprehensive debt relief plan. If your debts are piling up and you are looking for a “fresh start” call the Orange County Chapter 13 Attorneys that will fight for your financial freedom. Bankruptcy fees start as low as $800.00. Don’t be fooled by big advertisers charging thousands of dollars. Call us TODAY at 1.888.665.8330 or visit one of our other websites at San Diego Bankruptcy Lawyers or San Diego Bankruptcy Lawyer Blog or My San Diego Bankruptcy.
No related posts.