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LIEN STRIP

One of the biggest advantages of filing and completing a Chapter 13 bankruptcy is that it provides you with the option of filing a separate motion to remove all junior liens against your real property. This process is called a “lien strip.” A lien strip is a legal remedy that provides that, if the value of your home is below the amount owed on your first mortgage, you may be able to strip the security from your second and/or third mortgages. This means that, upon discharge of your Chapter 13 bankruptcy, you will no longer have the junior liens on your home, and the property will vest in you free and clear of the former junior liens.

By way of illustration: If you have a first deed of trust for $400,000, and a second deed of trust for $150,000, but your current property value is $350,000, upon completion of your Chapter 13 reorganization plan, we will be able to eliminate your $150,000 debt!

To determine if you might qualify for a Chapter 13, and a subsequent lien strip, please call the Stone Haven Law Group today.

We are a federally designated Debt Relief Agency under the United States Bankruptcy Laws. We assist people with finding solutions to their debt problems, including filing petitions for relief under the Bankruptcy Code.

The information on this website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Stone Haven Law Group, LLC : 9121 Haven Ave. Suite 250 - Rancho Cucamonga, CA 92730 | Toll Free: [8773017005]