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In order to determine if you are able to wipe out your second and succeeding mortgages, you will need to consult with an experienced Washington bankruptcy lawyer.

In essence, however, it works like this way. If your second and any succeeding mortgages are no longer secured by any equity (value) based upon the current fair market value of your house, you may be able to discharge your second and any additional successive mortgages through a Chapter 13 bankruptcy. What is equity? Equity is the net value of your home. It is the current fair market value of your home minus the amount of any outstanding debts (mortgages) on your house.

If you believe that you may qualify under these circumstances, one of experienced Washington bankruptcy attorneys will assist you in undertaking a thorough analysis of your property so that you can make an informed decision. If we believe that you can prevail, we will then represent you through an adversarial proceeding process that allows you to shed or get rid of one or more mortgages on your house.

Continue reading ‘Possibility For an Individual to Wipe Out Second Mortgage and Still Keep Their House’ »

Incoming search terms:

• bankruptcy erased or wiped out a second loan unsecured
• helping homeowners legally discharge their mortgage debt and keep their home

A lien is a security interest held by a lender or service provider on an individual’s property, effectively turning the property into collateral pending payment of the outstanding amount owed. A lien may be consensually applied to property, as is often the case with mortgages (especially second mortgages) and “mechanic’s liens” related to financing property improvements.

A lien may also be non-consensually imposed, frequently by tax authorities to secure the payment of taxes and penalties owed or by the courts to secure the payment of amounts handed down in a judgment. Although there are many types of liens, all of which have different effects, most liens have three primary effects.

The first, and most important, effect is to create the possibility of the creditor or service provider taking control of the property if certain conditions are met. Unlike most Common Law jurisdictions, in the United States a lien generally does not result in the creditor taking actual possession of the property, but it can under certain circumstances. These circumstances vary by the type of lien in question, but the ultimate point is to give the person owed money a secure interest in the property. Some, though not all, liens are also exempt from being discharged even through bankruptcy proceedings.

Continue reading ‘Your Credit Score – The Effect of Liens’ »

Everyone wants to come back to their own “home”, after a long and tiring day at work – it is the only place that brings you a peace of mind. And the very thought of losing a home lets a chill run down your spine. Your own home doesn’t just provide you comfort and soothe, it also is an instant source of money when it comes to mortgage loans. However, at times, when the need of money increases and an imbalance in the monthly fiscal statistics occurs, it is verily needed to opt for a home loan refinance. Apparently it just looks like inviting a trouble but if you study it a little more carefully, the scheme could do wonders for you.

Continue reading ‘Lower Your Mortgages Cost by Availing Bad Credit Mortgage Refinancing’ »

To say it frankly, the reverse loans can be of great help, but they are not necessarily the only solutions for these kind of the problems. But if a senior is American, age 62 or over and owns a home, where he has equity left, he can continue reading.

1. Who Can Qualify?

This is maybe the first question, when you ask how do reverse mortgages work. The idea is, that the qualification is so flexible, that as many as possible can qualify. These loans are for American seniors, who own certain kind of homes, which are accepted by the lenders.

2. How Much Do I Get?

The reverse loan sums are tied to certain things. These are the age of the borrower, the interest rate and the appraised value of the home against which the loan will be taken. Generally speaking we can say, that the older you are, the valuable your home is and the lower is the interest rate, the more you get. Continue reading ‘Seniors! Do You Know How Reverse Mortgages Work?’ »

The Fair Debt Collections Protection Act (FDCPA) was passed by Congress in 1977. Its purpose is to protect debtors from dishonest and abusive debt collection procedures. The act is enforced by the Federal Trade Commission (FTC). It covers almost all types of personal debts, including mortgages, car loans, credit card debt, and medical bills.

The FDCPA limits what debt collection agencies can do in order to collect a debt. These agencies may not lie, threaten, purposefully annoy, or disclose personal information about a debtor. However, some collection agencies will view these actions as a calculated risk. Since many people don’t know their rights, bill collectors sometimes get away with these violations.

Bill collectors are not allowed to falsely represent themselves in any way. They may not claim to be lawyers or present papers as legal documents if they are not. Presenting legal documents as if they were not binding is also against the FDCPA. In addition, these companies cannot claim they will take legal action if they don’t actually intend to do so. Continue reading ‘Every Debtor is Protected by the FDCPA’ »