Owning a home is a source of accomplishment and pride for many American families. Your home can also be used as an asset to borrow additional money to cover large purchases or consolidate other debts. For this reason, many people end up taking a second lien on their home.
However, your home is also one of your largest monthly expenses. If you are experiencing financial troubles, it may be difficult to stay current on your monthly payments for both your first and second mortgages. Fortunately, there are some options to modify or even eliminate second liens on your home, and an experienced attorney can help determine which option is best for you.
Lien Modification Options
The following are some ways that an attorney can help you make your mortgage payments more affordable:
- Lien stripping—Lien stripping works to completely remove a second lien under certain circumstances in the process of a bankruptcy filing. A second lien may be eliminated, or stripped, if your first lien is greater than the value of your home.
- Loan modification—Your lawyer can negotiate with your mortgage company in order to modify your second lien. By reducing the principal amount or interest rate on your second mortgage loan, your mortgage payment can be made more affordable.
- Second Lien Modification Program (2MP)—This is a part of a federal program called the Making Home Affordable initiative that works to help Americans keep their homes by making payments affordable. If you meet certain qualifications, 2MP can work to modify your second lien so you can keep your house.
Contact a Phoenix Lien Modification Attorney for a free consultation
If you are behind in your first or second mortgage payments, you have courses of action available to you that will keep you from losing your home. At the Ellett Law Offices, we understand that your house is usually your most valuable asset, and that it is extremely important to you and your family. In order to explore options for lien modifications or other help in making your mortgage payment affordable, call our office today at (602) 235-9510 to schedule a free consultation.
