Working to Help Clients Thrive
Our lawyers have assisted innumerable clients throughout California who have made residential property investments only to see those investments sour. Investors who once made a significant profit off of residential property investing are now burdened with what feels like insurmountable debt.
If you are interested in learning more about lien stripping for residential property and how this might offer you real debt relief, call Weintraub Zolkin Talerico & Selth LLP at (310) 220-4147 now. We may be able to help you avoid foreclosure and keep your investments. We may also be able to identify ways to protect your primary residence from foreclosure. While lien stripping for residential properties may not be a feasible solution for everyone, our attorneys will analyze your situation and determine how best to assist you.
We help people all over Los Angeles who need to achieve much-needed debt relief while also preserving their largest asset, their home. We are extremely experienced when it comes to lien stripping any second mortgages or subsequent loans you have on your primary residence or any other properties you own. Whether you are interested in protecting your primary residence, a vacation home, or real estate investment, we are on your side.
What Is Residential Lien Stripping?
Our residential lien stripping lawyers in Los Angeles know that many homeowners and investors want to save their real estate holdings, so they can sell them later when their value rises. Though the Great Recession is over, the impact on residential property values can still be felt. You may not be in a position to sell your real estate in this market but you may also be faced with unmanageable debt related to residential property.
Before you default on your loans, enter into foreclosure proceedings or fall victim to a short sale, we can help you address important pre-planning issues:
- Identify where lien stripping can help save a property
- Organize your real estate portfolio to offer the best chance to retain any or all of your holdings
- Avoid debt relief and refinance scams that will not alleviate your challenges
- Explore all options for protecting your assets and long-term financial health
If lien stripping is possible, we can determine which property should be deemed your primary residence. We can then help you eliminate any mortgage that is not the first mortgage, which is wholly unsecured and is in excess of the property’s actual current market value. This means what you owe on your house can be reduced down to only the current value of the property.
Your first mortgage will be for this amount and is secured because the home is collateral for that amount. The remaining amount of the other loans can be stripped and then become unsecured debt. This can be paid off for pennies on the dollar through a bankruptcy petition such as Chapter 11 or Chapter 13 where debts are reorganized and a payment plan is set up.
Contact our Los Angeles attorneys now to determine how we can help you.
Hear From People We've Helped
Honesty, Integrity, and Respect for the LawSally C.
Courageous Judicial Officer of the CourtFormer Client
Honor, Compassion, and Zealous Respect for the LawMS
"David Zolkin’s tenacious advocacy restored my faith in the judicial system. He was able to secure an order dismissing the debtor’s case with a permanent bar; something unheard of in bankruptcy. This, in turn, protected my rights as a creditor."Former Client
"We remain incredibly grateful!"Patrick K.
"Jim Selth has always come through in a very professional, timely, and responsible manner."Marc B.
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