Working to Help Clients Thrive
A mortgage is a secured debt; the home is collateral for the amount you owe. Second mortgages, home equity loans or home equity lines of credit (HELOC) are also secured by your home. However, if your home is only worth enough money to secure the first mortgage, any additional mortgages are considered unsecured and can be stripped from your property in bankruptcy.
Ways to Eliminate Second Mortgage Loan Debt
If you are struggling with second/third mortgage debt, your options include:
- Paying more than the monthly payment due - This is especially helpful if your second mortgage has a higher interest rate than your first mortgage.
- Refinance your loan - You can consider consolidating your mortgages into a single loan for more manageable monthly payments so you can pay off both your mortgages earlier than if they were separate.
- Negotiate with your lender - If you are having difficulty paying off your mortgages, you can contact your lender to discuss either forgiving the remainder of the debt, modifying it, or another alternative.
- File for bankruptcy - If your second and/or third mortgage becomes unsecured or under secured, they can be removed from the property and discharged. This process can be complex. But our attorneys are more than familiar with the process and we will be your guides if this option is available to you. If it is not, we will use our resources and experience to find other solutions for your specific situation.
Discuss Your Mortgage Debt with Our Trusted Team
At Weintraub Zolkin Talerico & Selth LLP, we focus exclusively on bankruptcy and debt relief. Our lawyers have nearly 70 years of combined experience in this area of the law, and we are prepared for even the most complex cases.
Learn more about your options for resolving your second or third mortgage debts by contacting our experience team at Weintraub Zolkin Talerico & Selth LLP.
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
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