Zillow.com recently reported that as many as 25% of homeowners now owe more on thier homes than the homes are worth. More discouraging, this number is expected to rise. While bankruptcy legislation allowing a bankruptcy judge to “cram down” the loan on a home to what the home is worth has stalled recently, many of our clients are able to utilize what we call “lien stripping” to get rid of a second mortage altogether. This option is available in Chapter 13 cases. For more information, visit our website at www.mcguiregardner.com, or read our other blog posts for information on how “lien stripping” might help you better afford your home.
