California Bankruptcy Attorney Helping Clients With Lowering Mortgage Payments for Non-Primary Residences
Many people have been told that real estate is a great investment. After all, it is finite and unique. In California, many people dream of a second vacation home or having additional revenue from income producing properties. However, due to the housing bubble burst and the current economic crisis, these other properties have now become more of a burden than a benefit to most people.
If you need help lowering mortgage payments for additional properties that are not your primary residence, the Law Office of Jeff D. Hoffman is here to help you explore every debt reduction opportunity to find the one most suitable for you. To speak with a knowledgeable lawyer, please contact us today to schedule a free consultation.
Utilizing Chapter 13 Bankruptcy for Lowering Mortgage Payments
Filing for Chapter 13 bankruptcy not only automatically stops all foreclosure proceedings, but it also presents different ways of lowering mortgage payments to ease your debt load. We will help with every part of the process that comes with filing, including counseling you about lien stripping opportunities if you have second or third mortgages attached to these properties.
Lowering mortgage payments for a property that is not your primary residence can be accomplished by “stripping” any junior mortgages where the senior mortgage is underwater.
You can also “cram down” a loan for a first mortgage that is underwater to the actual present value of the home. You can then make this new amount a secured debt that is rolled into the five-year payment plan allowed under Chapter 13 rules. By cramming down the mortgage and paying the secured debt under this schedule, you will now own the home free and clear after the five-year repayment plan allowed under Chapter 13.
Freeing You of Financial Weight
The bankruptcy code can be confusing even though it does provide workable solutions for debt relief. Attorney Jeff D. Hoffman is here to help explain every detail and make sure lowering mortgage payments for your holdings is done legally, effectively and efficiently. To discuss your situation with him, please contact our Oakland office to schedule a free consultation today. We are a debt relief agency committed to helping people under the bankruptcy code.
