If you own real estate and have a second mortgage on the property, you may be able to “strip” that lien in a Chapter 13 bankruptcy case. This option is becoming more common among homeowners due to the real estate crisis and falling real estate values.
With the decline in real estate values, many second mortgages beyond the first mortgage are often wholly unsecured. This means that the value of the real estate is less than what is owed for the first mortgage and therefore the second mortgage lien is not attached to any equity.
Experienced Lake County Lien Stripping Lawyers
At the law firm of Newland & Newland, LLP we have successfully stripped second mortgage liens for clients. Not all attorneys are experienced in the proper handling of lien stripping. Please contact Stephen S. Newland to discuss your lien stripping options. We serve clients in Arlington Heights, Schaumburg, Itasca, Waukegan, Libertyville, Cook County, Lake County, DuPage County and throughout the northwest suburbs of Chicago.