Written by attorney Jonathan C. Ginsberg

How to Eliminate a Second Mortgage Using a Chapter 13 Lien Strip

Did you know that you can use Chapter 13 to eliminate your second mortgage or home equity line of credit?

As I discuss in this video, the Bankruptcy Code allows us to “strip away” a fully unsecured second mortgage. When done properly, that $20,000, $30,000 or $50,0000 second mortgage can be paid at 1 or 2 cents on the dollar in your Chapter 13.

Obviously, there are exceptions and limitations to the lien strip process. But a surprising number of homeowners do qualify. If you’d like to find out whether your second mortgage or HELOC can be eliminated using Chapter 13, please give me a call. I'd be happy to explain the details and how a Chapter 13 lien strip may apply to you.

Additional resources provided by the author

Free Q&A with lawyers in your area

Can’t find what you’re looking for?

Post a free question on our public forum.

Ask a Question

- or -

Search for lawyers by reviews and ratings.

Find a Lawyer