Eliminate a Second Mortgage – New Hampshire
When you are struggling financially, any kind of debt looming over your head may be a source of anxiety and fear. For many on the verge of or in the middle of filing for bankruptcy, keeping up with a mortgage may be nearly impossible. If you have a second mortgage, that debt may be difficult to keep up with also. The Law Office of Joseph M. Annutto can evaluate your options and possibly help you eliminate a second mortgage.
How to Eliminate a Second Mortgage thru Bankruptcy
There are clear guidelines that you must meet to qualify for certain types of bankruptcy. Once you are able to file, there are still guidelines as to what debt may be discharged, or eliminated, and what kind of debt you have to repay either partially or in full. In order to qualify for eliminating a second mortgage, certain criteria must be met. If your first mortgage exceeds the value of your property, your second mortgage may be categorized as unsecured debt. Essentially, this means your house is underwater and not worth what you owe on the first mortgage, much less what you owe when both mortgages are combined. If it is seen as unsecured debt when you file for bankruptcy, it may be completely discharged just as credit card debt can be.
Not all types of bankruptcy will allow for the elimination of a second mortgage. It may only be considered when you file for Chapter 13 bankruptcy.
Experienced Attorney Working For You
Attorney Joseph M. Annutto can help evaluate your financial picture and help you decide the best course of action. If we feel Chapter 13 bankruptcy is the best option for your financial future, we will do all we can to eliminate a second mortgage. Our firm understands how this kind of debt can be demoralizing, stressful, and leave you feeling like you have failed. Let us help you get the fresh start you need and deserve. Eliminating a second mortgage may help you get back on your feet faster and get moving forward again.