Bankruptcy

Apr 30, 2013

OUTCOME: Home Saved!

Client obtained a second mortgage on her home valued at $350,000.00. The first mortgage balance was $260,000.00 and the second mortgage balance was for $90,000.00. Following the housing bubble, the v ... alue of client's home dropped to $255,000 and having been unaware of the predatory lending terms of the transaction, the adjustable rate on client's 2nd home, climbed at a rate that outpaced her income. Eventually, client was unable to make the increased payments and her home was up for foreclosure. Client filed a bankruptcy with the Kelsey Law Firm and the firm was able to completely strip the 2nd mortgage lien off of her home. With her now only having to pay the 1st mortgage, client was able to retain her home and avoid foreclosure!