Stripping a Second Mortgage
If you are one of the many people with two or more mortgages adding to your debt burden, you may be able to find a unique and lasting form of relief by filing bankruptcy. Specifically, Chapter 13 bankruptcy allows you the option of stripping a second mortgage in certain situations, removing that burden entirely while keeping your home.
At the Law Office of Warren G. Sylvester in Batavia, we will analyze your case carefully to determine if stripping a second mortgage is an option for you. If it is, we will take advantage of this opportunity as part of a comprehensive debt relief strategy.
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Not everyone in Illinois is eligible for lien stripping. In order to be eligible, you must have been paying on the debt for a certain period of time. The value of your house must also have depreciated to the point that it is worth less than the first mortgage. For example, if your house was valued at $300,000 at the time of purchase and you got a $275,000 mortgage which you later supplemented with a second $25,000 mortgage, and now your house is only worth $250,000, you are most likely eligible for this process.
If you are eligible, the second mortgage can be stripped when you file Chapter 13 bankruptcy and treated as an unsecured debt, a debt that is not attached to any form of collateral. When you choose our law firm, you will have an experienced lawyer on your side to make certain that you take advantage of this and all other opportunities to better your financial situation.
Contact Us for a Free 30-Minute Initial Consultation
To learn more about our legal practice, please contact our law office today for a free 30-minute initial consultation. Talk to a Batavia lien stripping attorney with the skill, knowledge and experience you need to guide you toward a positive financial future.

