Is it possible for me to get rid of my second mortgage?
June 29, 2022
By Diane Drain Attorney & Retired Law Professor
Possibly, however it is contingent on a number of things. A “lien strip” is the term for this procedure. You must calculate the worth of your home as well as the amount of debt outstanding on your first mortgage, including arrears. You should also know how much you owe to any other secured creditors, such as your homeowners’ association, real estate taxes, and so on.
This is a complicated procedure that your attorney must assist you with. If property values are fluctuating, it may be more difficult to lien strip a junior mortgage.
About the Author: Diane Drain
Diane is a well respected Arizona bankruptcy and foreclosure attorney. As a retired law professor, she believes in offering everyone, not just her clients, advice about bankruptcy and Arizona foreclosure laws. Diane is also a mentor to hundreds of Arizona attorneys.
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