Second Mortgages are sometimes opened to solve a problem such as not being able to pay your first mortgage, or your debts. To some, it may have seemed the second mortgage would not create a financial problem and that it could be paid back easily. If you needed a large sum of money to make a down payment, a second mortgage may have been the answer. Basically, a second mortgage allows you to spend the money that you have paid towards your first mortgage. The problem that may result is that you now have a second mortgage to pay down instead of just one. If you are burdened by two mortgages and you don’t know where to turn, speak with a skilled bankruptcy attorney from Bizar & Doyle, you have nothing to lose and a lot to gain.
Today, the economy is not what it once was; many home owners are troubled by finding that the value of their home as decreased markedly. If you are now finding yourself in this position, you need to speak with a bankruptcy lawyer, they can help you to sort out your second mortgage or at the very least inform you so that you can make a move in the right direction. If an individual had a home valued several years ago, it may have been evaluated at almost twice the current market value. You could have several hundred thousand in mortgage debt above the current value of your home. It means you are paying a mortgage which is not backed up by any equity. In such a case, you need to find out if you qualify for Chapter 13 bankruptcy which could allow you to pay only one mortgage instead of two. Speak with one of our dedicated bankruptcy attorneys today.
Contact a Bankruptcy Attorney if you are burdened by a second mortgage.