Will Bankruptcy Affect a Second Mortgage or Loan Adjustment?
In bankruptcy, a second mortgage is typically treated in much the same way as the primary mortgage will be treated. However, whether the mortgage, typically a Deed of Trust in Arizona, is a first or second mortgage can have significant consequences as to what your options are.
At The Roll Law Firm, PLLC in Phoenix, we are committed to finding effective solutions to the financial problems of clients throughout Arizona. Attorney Guy P. Roll and our compassionate legal staff will work closely with you to determine the most appropriate course of action in your situation and make sure you have the support you need as your bankruptcy unfolds.
For a free initial consultation with an experienced bankruptcy lawyer, contact us today.
While in both cases the lender has a security interest — the mortgage — against your property, the priority of how different mortgages are treated in bankruptcy may not be the same depending upon the value of your home. If you are struggling to make your mortgage payments, filing for bankruptcy may be the most effective way to resolve your debt and get a fresh start.
Did You Use a Second Mortgage to Secure a Loan?
In obtaining a loan, many consumers use a car or other asset as a form of collateral. However, many lenders have been pushing people into taking out second mortgages. Your home may be at risk now that you cannot pay on that loan.
Contact a Phoenix Bankruptcy Lawyer Today
To find out how bankruptcy can help you deal with an unpaid mortgage and avoid foreclosure, call 602-652-2403, toll free 866-603-2403 or send us an e-mail today.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
