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Is Your House Underwater?
Do You Owe Far More Than Your House Is Worth?
As Americans, we came to believe in recent years that our homes would always increase in value and we could take that value to the bank. Unfortunately, many people relied on what the bankers promised us and refinanced their homes two or three times, taking on second and third mortgages that have put their mortgage underwater. If you owe more to your mortgage banker than what your house is worth, you may be able to strip off the second or third mortgage by filing Chapter 13 bankruptcy. The Florida Debt Relief Center, LLC, is ready to show you how to fix your upside down mortgage. Contact one of our attorneys today.
Here Is a Simple Example of How Lien Stripping Can Get Your Mortgage Turned Right-Side Up Again
Let's say you originally took out a mortgage to buy your dream home here in sunny South Florida house five years ago for $320,000 through 100 percent financing, which was widely available and promoted back then. Over the next couple of years, the appraised value increased to $380,000, and you decided to take out a second mortgage for the additional $60,000 to make home improvements, start a business or meet other financial needs. You now owe a total of $380,000 thanks to your original first mortgage of $320,000 and your second mortgage of $60,000. But, since the value of your property dropped dramatically during the recent economic downturn, it is now only valued at $300,000.
By filling Chapter 13, you may be able to reorganize your individual debts into a structured repayment plan which will allow you to eliminate not just your credit card debit, medical bills, etc, but also the second mortgage amount of $60,000. Your supervised repayment plan would then allow you to keep your house at the original mortgage amount.
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From our offices in Fort Lauderdale and West Palm Beach, we represent clients throughout South Florida. We would like you to be one of them.
Contact us to discuss your family's debt and financial picture. Let one of our experienced lawyers show you how bankruptcy laws can help you get the fresh start you need and deserve. It's only debt. We'll help you get out from under it. Imagine what that will mean for a brighter future.
We are a debt relief agency. We proudly help people file for bankruptcy relief under the Bankruptcy Code.
