The housing market crashed significantly hard in Florida. Even though there have been some signs and economic indicators that point to a massive improvement the last few years, some people in Florida simply continue to struggle to pay their mortgage each month, particularly if those people have a second mortgage to meet also. The good news for some families is that there are ways to go about stripping a second mortgage.
It is no secret that taking on a second mortgage and borrowing against the equity in a home was something the banks encouraged just a few short years ago. While a good idea at the time, the crash of the economy meant that equity melted away. In fact, homes were not even worth the amount of the first mortgage, much less the combined amount when the second mortgage was considered. When this scenario is present, there are ways to strip that second mortgage through bankruptcy.
Chapter 13 bankruptcy is an option that can include stripping that second mortgage for some. There are very specific circumstances under which stripping that amount away can occur and help you get back on stable financial footing and improve the ability to keep your home by meeting the payments. If pursued, there may be a property appraisal done in order to move forward with stripping that mortgage payment.
Any amount of debt that can be done away with, especially stripping a second mortgage, can help a Florida family get back on its feet. For some families, alleviating some of this financial strain may be all the help they need to keep a home and keep up with future mortgage payments. Our website has more specific information about the nature of second mortgages and how stripping that payment may benefit those who are struggling now.
