We can sometimes assist homeowners in removing second liens. To see if this is worthwhile for the homeowner, homeowners must consider whether or not they would keep the home if the second lien were stripped. Is the homeowner considerably under water on the first mortgage as well? Even with the second lien stripped most people are still considerably underwater.
Second lien stripping sometimes occurs when the Lender will allow the second note to be settled or allow the purchase of the underlying note, however few banks participate, and it is a very lengthy process and never guaranteed that your Lender will be cooperative.
Another option is of course stripping the lien through bankruptcy or a cram down in bankruptcy. This is where we see larger sums of negative equity wiped out. Bankruptcy may not be an option for everyone, especially when their mortgage is their only debt. Click here to see our results.
Please feel free to contact us today so that we may discuss the options that are available to you.
Van and Associates Law Firm at 702-529-1011