New Windsor Mortgage Bankruptcy Attorneys
Helping You Take Advantage of Changing Bankruptcy Opportunities
At Silver, Forrester & Lesser, P.C., we hope that, throughout this website, you have found useful information regarding debt reduction through bankruptcy. One of the most effective ways to reduce debt through bankruptcy is through second mortgage loan stripping.
Second mortgage loan stripping works like this:
- An individual buys a house. At the time of purchase or later, a second mortgage becomes attached to the property.
- The second mortgage is secured via equity in the property.
- The value of the house drops so that it is equal to or less than the value of the first mortgage and no longer covers the value of the second mortgage.
- At this point, the second mortgage is no longer secured due to the decreased value of the property.
We can meet with you at no charge, analyze your finances to determine whether second mortgage stripping would be advisable in your case and provide experienced legal assistance. For more information, contact a lawyer at our firm by calling 845-764-4757 or 866-687-1338.