Eliminate Mortgage Debt — Second and Third Home Loans
The Nevada housing market has been hit the hardest by declining property values. As a result, most homeowners are upside-down, that is, they owe more money on their homes than the fair market value. Despite all the talk about Home Mortgage Modification programs, there has not been wide scale meaningful relief addressing the declining value. Very rarely does a home mortgage modification reduce the principal balance owed on a home. Therefore, even after a modification, the homeowner is still left so badly upside-down that the homeowner may never have true ownership in their home.
Chapter 13 Bankruptcy may completely eliminate 2nd and 3rd mortgages. To discharge a 2nd or 3rd home mortgage debt, you must meet certain requirements. In particular, if the fair market value of your home is less than what you owe on the 1st mortgage, you may be able to completely discharge the debt you owe on the 2nd or 3rd home mortgage. For some families, this could be a debt savings in the tens of thousands of dollars or more.
Additional Benefits of Chapter 13 Bankruptcy
While discharging the debt of a 2nd or 3rd mortgage is an exciting opportunity, most people file for Chapter 13 bankruptcy for its other benefits. Through a Chapter 13 bankruptcy, you may be able to:
- Stop a home foreclosure
- Completely eliminate Credit Card debt
- Reduce principal balance on your automobile
- Stop a wage garnishment
- Stop an auto repossession
- Stop creditor harassment
- Get a fresh start
If you want to learn more about Chapter 13 Bankruptcy, we encourage you to contact the Nevada Bankruptcy team at the Law Office of Rodney K. Okano.
Contact Us Today for Your Free Consultation
If you want to speak with a Nevada Bankruptcy Attorney, we offer a free consultation. Call (702) 566-3600 to schedule an appointment with a Bankruptcy Lawyer at our Las Vegas law office. Feel free to contact us by e-mail as well.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
