Bank of America recently announced that it would be forgiving the second mortgages of some 150,000 “pre-qualified” homeowners. Of course, this is fantastic news if you are one of the bank’s hand-picked distressed borrowers. But what if you were not lucky enough to be selected by the bank’s bean-counters? Or what if you are one of the 80% of homeowners whose loan is not serviced by Bank of America?
Forgiveness of a second mortgage may still be an option.
If your home mortgage exceeds the home’s current value, and you file a Chapter 13 bankruptcy, you may be able to “strip-off” the second lien. The legal professionals at Henley and Henley can show you how to reclassify that second mortgage in a way which may allow you to legally stop making those payments.
Imagine an extra $500.00 in your pocket every month, as you are no longer suffering under the weight of a second mortgage. Does this sound too good to be true? Call the law office of Henley and Henley for your free consultation. They can show you how to make it happen.
