Rockland County Second Mortgage Elimination Attorney
Under Chapter 13 of the U.S. Bankruptcy Code, in addition to a petition for protection from your creditors, you may file an application to remove a judicial lien against your property and/or eliminate your second mortgage or home equity line of credit (HELOC) you may have taken out against the property. The Ugell Law Firm, P.C., in New City, New York, has an excellent record of helping people reduce and eliminate their debts, and protect themselves from creditors' collection actions.
Removing a Judicial Lien
If the government has placed a tax lien against your property for tax arrears, or a creditor has placed a judicial lien in New York State for payment due for construction costs or other costs associated with the development of the property, or many other varieties of money judgments, this lien is automatically attached to your home. Filling a Chapter 13 bankruptcy petition can help you in one of two ways:
1) Structure a repayment plan that will satisfy the requirements for the removal of the lien through your Court Sanctioned Chapter 13 Repayment Plan
2) File an application to remove the judgment lien from attachment to your home.
Under the U.S. Bankruptcy Code, all creditors' collections actions have an automatic stay of execution placed on them immediately upon filing your petition for bankruptcy. This includes judgment liens, garnishments, repossessions and foreclosure actions.
Stripping Off a Second Mortgage Is Often Your Most Impacting Debt Relief Option Through Chapter 13 Bankruptcy
Millions of Americans took out a second mortgage against the increased value of their home, or used a second mortgage to help pay for the deposit due on their first mortgage when purchasing a home (also referred to as an 80/20 loan). As property values have fallen dramatically over the past few years, many families have now found themselves owing more on their property than the full amount of their mortgages. Under U.S. bankruptcy laws, if the market value of your house has fallen below the value of your first mortgage, you may petition to remove the second mortgage as a lien secured by your home, which, in most cases, effectively eliminates this debt, When this complex legal maneuver is handled effectively, it can save you tens of thousands, if not well into the hundreds of thousands of dollars in principal and interest payments over the lifetime of your mortgage. This is often a tactic that helps a family avoid foreclosure. Wouldn't your financial situation be drastically changed if you never had to pay your second mortgage ever again? If so, call my office and arrange an appointment to see if you qualify.
Learn more about second mortgages at my video page
Experience and Knowledge to Get Your Bankruptcy Petition Right
I am bankruptcy lawyer Scott Ugell. I have been practicing in the area of U.S. bankruptcy law for more than 25 years. Call The Ugell Law Firm, in New City to schedule a free consultation about debt relief options. I back up my experience with unique credentials, including:
- Member of the National Association of Consumer Bankruptcy Attorneys (NACBA)
- Often requested by local governments to make seminar presentations about homeowners' rights and foreclosure protection
- Participates with the National Association of Consumer Bankruptcy Attorneys (NACBA) to meet withU.S. Congressional Staff on matters related to U.S. bankruptcy code and foreclosure issues.
- Professional articles and legal presentations on the issue of debt relief and bankruptcy law
- Member of the Hudson Valley Bankruptcy Bar Association
- Member of the New York State Bar Association
- Member of the Rockland County Bar Association (Co-Chairman of the Bankruptcy Committee)
- Member of the Rockland County Magistrates Association
- Member of the Board of Hillel of Rockland Community College
Competitive Fees · Flexible Appointments · Se Habla Español
From my offices in New City, I represent families, consumers and small businesses, because that is who I am, and that is who I care about. I work to protect citizens in the Greater Hudson Valley area. To arrange an initial consultation with an experienced New City lien stripping attorney who cares about resolving your legal problem, call 845-521-7841 or contact my office by e-mail today.