Oakland Debt Reduction Lawyer Assisting Clients Who Need Help Lowering Mortgage Payments
No one wants their house to be foreclosed on. Your primary residence is your biggest investment and most people's biggest material accomplishment. There are ways to save your home, including lowering your mortgage payments through a variety of debt reduction methods.
Throughout the Bay Area, people turn to the Law Office of Jeff D. Hoffman because we are committed to helping people remain in their homes. Our approach when it comes to lowering your mortgage payments is to use our knowledge of the law and identify the best debt reduction opportunity that suits your situation. If you are facing foreclosure or are behind on your payments, we encourage you to contact us to schedule a free consultation today to speak with Jeff about your options.
Exploring Every Debt Relief Option
Under Chapter 13 bankruptcy, if you have more than one mortgage and your first loan is underwater (the loan is more than the value of your house), there are ways of lowering your mortgage payment.
First, “stripping” the second mortgage is something our lawyer, Jeff D. Hoffman, can help you do. He can help you have this second mortgage discharged so that you no longer have to make payments towards it. By having these types of junior liens removed, you can focus on just paying the first mortgage, including catching up with any arrearages under the payment schedule of Chapter 13, which will lower your mortgage payments.
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It is important to realize that the Bankruptcy Court does not have the authority to authorize lowering mortgage payments, which is why you need a qualified attorney who understands the legal remedies available under bankruptcy law to provide this type of debt reduction. Also, under the bankruptcy code, you cannot use a cram down loan approach for a primary residence.
As a debt relief agency, we are here to provide solutions to help you manage your financial burdens under the bankruptcy code. Contact us today to schedule a free consultation and let us help you keep your home.
