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  • UTAH BANKRUPTCY ATTORNEY

    Andrew B Clawson Andrew B Clawson
    Attorney at Law

Get Rid of or “Strip Off” Second Mortgage

As I talk with people who are struggling to keep up with their monthly mortgage payments, many people tell me that they could afford to keep their home if they could just get rid of their second mortgage and pay only their first mortgage.

If you live in Salt Lake or anywhere in Utah, you probably just received your 2010 property tax notice in the mail. If you are lucky, it might contain information that will help you get rid of your second mortgage.

Do I have your attention?

Under chapter 13 bankruptcy, a homeowner who has two mortgages can “strip off”, or eliminate, a second mortgage (or a home-equity line of credit) if her home is worth less than the amount that she owes on her first mortgage.

For example, assume that you owe $200,000 on your first mortgage and $40,000 on your second mortgage. If your house is worth less than your $200,000 first mortgage, then a your bankruptcy attorney can help you “strip off”, or get rid of, your $40,000 second mortgage as part of a chapter 13 bankruptcy plan.

So, how can your 2010-Utah-property-tax notice help you figure out if filing a chapter 13 bankruptcy in Utah can help you get rid of or “strip off” your second mortgage? If you a look at the top right-hand corner of your property-tax notice, you should see the 2010 assessed value of your home. Do you see it? Is the assessed value less than the total amount that you owe on your first mortgage? If it is, then there is a very good chance that you can eliminate or “strip off” your second mortgage in a chapter 11 or chapter 13 bankruptcy case.

Give me a call and let me help you figure out if chapter 13 bankruptcy can help you reign in your house payments by “stripping off” or eliminating your second mortgage or home equity line of credit. Initial consultations are free. (By the way, if you live in Salt Lake County, you can also find the assessed value of your home using the “Owner Search” on the the Salt Lake County Assessor’s website).

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