Supreme Court Makes Canceling Second Mortgage More Difficult
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Supreme Court Makes Canceling Second Mortgage More Difficult

Supreme Court Makes Canceling Second Mortgage More Difficult
October 20, 2015

Do you have a second mortgage? Are you having trouble keeping up with those payments? Is the value of your home now lower than the amount still remaining on your first mortgage? If you are in this kind of predicament you are probably dealing with some serious concerns and you might already be considering bankruptcy. This is one very plausible option, but there is a recent development that you should be aware of.

The Supreme Court has ruled that id the value of a person’s home is less than the amount is less than the amount owed to their first mortgage, then a person can strip the second mortgage in a Chapter 13.  No matter whether you are dealing with a single default mortgage or a second default mortgage, this is a tough situation to be in. Any homeowner that is struggling financially might want to consider filing for bankruptcy in order to improve his or her situation. Filing for bankruptcy can help you get out of debt as well as allow you to keep your home. However, there are many important details and aspects to consider, which is why you should contact an experienced bankruptcy lawyer in Merrillville before you make any big decisions. At the Law Office of Kevin M. Schmidt we know how to handle these cases and we take an aggressive approach to defending your rights. Contact us today or call us at 219-756-0555 if you have questions concerning your mortgage and to find out if bankruptcy is right for you.

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At the Law Office of Kevin M. Schmidt, P.C., we offer a free consultation during which we will examine the facts of your case and advise you on how best to proceed

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We are a debt relief agency. We help people file for bankruptcy relief under the bankruptcy code. This website is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Testimonials are not a guarantee, warranty, or prediction of the outcome of your case.