Will Filing for Bankruptcy in Long Island Save My Home?

While your mortgage typically must be paid in full under a Chapter 13, a process called lien stripping can allow you to have a second mortgage (or other non-primary mortgage) declared to be unsecured debt.

If your home is not worth enough to repay your first mortgage and still have money left over, the second mortgage is not actually a secured debt. Lien stripping recognizes this and the second mortgage becomes unsecured debt that can be included in your Chapter 13 repayment plan. This means you may be able to keep the home without paying your second mortgage in full.
Your bankruptcy  attorney can explain this process to you, and help you to find the best solution to save your home.
The Law Offices of Robert D. Weiss, P.C. has represented debtors facing bankruptcy for more than 25 years. Call today to speak with a member of our legal team and learn how we can help guide you through your bankruptcy and help you to keep your home.