Law Office of Daren A. Webber
Call Now! 845-615-9108 (Office) 845-776-0201 (Cell)
134 West Main Street
2nd Floor
Goshen, NY 10924
ph: 845-615-9108
alt: 845-776-0201
webberla
- home
- NY Bankruptcy Chapter 7 & Chapter 13 Bankruptcy Information
- Orange County New York Bankruptcy Attorney Profile
- Orange County New York Bankruptcy Lawyer Blog
- Contact Us:
- Internet Resources
- Orange County New York Bankruptcy QUESTIONS & ANSWERS
- Bankruptcy Overview
- DOES NEW YORK LAW ALLOW FOR FEDERAL EXEMPTIONS?
- WHAT IS THE NEW YORK STATE HOMESTEAD EXEMPTION?
- How long will it take to repair my credit after bankruptcy?
- Should I consider a debt settlement program?
- How can I get rid of my second mortgage?
- What is bankruptcy?
- What can bankruptcy do for me?
- What different types of bankruptcy cases should I consider?
- What will happen to my home and car if I file for bankruptcy?
- Do I still owe secured debts (mortgages/car loans) after bankruptcy?
- Can student loans be part of my bankruptcy?
- Can personal taxes be part of my bankruptcy?
- Abogados de Bancarrota
Daren A. Webber, New York Bankruptcy Lawyer
Serving Orange County New York
- Question: How can I get rid of my second mortgage?
Under Section 506 of theUnited States Bankruptcy Code, a Chapter 13 debtor may make a motion before the respective bankruptcy court to avoid the 2nd mortgage and reclassify it from secured to unsecured so long as the 2nd mortgage, in light of the current property value, is fully unsecured.
For example, imagine property owner has an existing 1st mortgage with a principal balance of $500,000 and a 2nd mortgage with a principal balance of $100,000. Imagine too that given market conditions, the property is now valued at $450,000. Under this example, the 1st mortgage is secured up to $450,000 and unsecured in the amount of $50,000. As for the 2nd mortgage, there is absolutely nothing left. The 2nd mortgage is indeed fully unsecured. Hence, the 2nd mortgage can be avoided under a Chapter 13 bankruptcy.
No doubt, given the collapse of the housing market, this provision of the bankruptcy code has proven to be a powerful tool in the hands of consumer bankruptcy attorneys in their effort to obtain financial relief for consumer debtors.Bankruptcy may be your best option.
The use of the internet or this forum for communication with the Law Office of Daren A. Webber does not establish an attorney-client relationship. The information provided is strictly for educatinal purposes.
Orange County NY Bankruptcy Lawyer also serving the following New York areas: The Hudson Valley, NY; Chester, NY; Florida, NY; Goshen, NY; Monroe, NY; Harriman, NY; Cornwall, NY; Maybrook, NY; Highland Falls, NY; Greenwood Lake, NY; Middletown, NY; Montgomery, NY; Newburgh, NY; Otisville, NY; Port Jervis, NY; Blooming Grove, NY; Tuxedo, NY; Unionville, NY; Walden, NY; Warwick, NY; Washingtonville, NY; Woodbury, NY; Spring Valley, NY; Airmont, NY; Suffern, NY; Chestnut Ridge, NY; Montebello, NY; Nyack, NY; Piermont, NY; New City, NY; Hillsdale, NY; Rockland County, NY; Westchester County, NY; Dutchess County, NY; Amenia, NY; Annandale, NY; Arlington, NY; Bangall, NY; Barrytown, NY; Beacon, NY; Beekman, NY; Billings, NY; Castle Point, NY; Chelsea, NY; Monticello, NY; Clinton Corners, NY; Dover Plains, NY; Fishkill, NY; Glenham, NY; Holmes, NY; Hopewell Junction, NY; Hughsonville, NY; Hyde Park, NY; LaGrange, NY; Milan, NY; Millbrook, NY; Millerton, NY; North East, NY; Pawling, NY; Pine Plains, NY; Pleasant Valley, NY; Poughkeepsie, NY; Poughquag, NY; Red Hook, NY; Rhinebeck, NY; Rhinecliff, NY; Salt Point, NY; Staatsburg, NY; Stanford, NY; Stanfordville, NY; Stormville, NY; Tivoli, NY; Union Vale, NY; Verbank, NY; Wappingers Falls, NY; Washington, NY; Wassaic, NY; Wingdale, NY; Central Valley, NY; Sullivan County, NY and Montgomery County, NY; Bronx, NY; Brooklyn, NY; Queens, NY; Manhattan, NY; Staten Island, NY; Sugar Loaf, NY
Bankruptcy may be your best option.
Important notice required by Federal Law:
We are a debt relief agency pursuant to Federal Law §524 of Title 11 of the US Code. We provide legal assistance and help people file for bankruptcy relief under the Bankruptcy Code.
ATTORNEY ADVERTISING
Copyright this business. All rights reserved.
134 West Main Street
2nd Floor
Goshen, NY 10924
ph: 845-615-9108
alt: 845-776-0201
webberla
