Michigan Home Foreclosure Attorneys

Lawyers Representing Clients in Ann Arbor, Warren, Dearborn, Southfield, Flint and throughout Michigan

For homeowners with unmanageable levels of debt, losing their home becomes a real concern. Defaulting on a first mortgage is difficult enough, and a second mortgage only makes the situation harder to handle. The good news is that it may be possible to remove the second mortgage and prevent foreclosure by filing for Chapter 13 bankruptcy relief.

At Acclaim Legal Services, PLLC, our team of experienced Ann Arbor home foreclosure lawyers is committed to helping people hold onto their homes and improve their financial health. With offices in Southfield, Dearborn, Flint, Warren and Ann Arbor, we represent clients throughout Michigan.

We understand the challenges you face, and we are ready to build a strategic plan to help get you back on track. For a free consultation, call 866-438-5217 or contact our Michigan law firm online. For your convenience, we have offices in Southfield, Flint, Dearborn, Warren and Ann Arbor.

Dealing With Multiple Mortgages

Given the downturn in the housing market, if you have two or more mortgages (i.e. Home Equity Loans ) you may now owe more money than your house is worth. In these situations, we may be able to help by getting the second mortgage removed.

In a Chapter 13 bankruptcy, if a home is worth only as much as the first mortgage, then the second mortgage is viewed as unsecured debt and can be removed. "Stripping" second mortgage debt in this fashion prevents the lender from foreclosing. Filing for Chapter 13 has many other benefits as well, including:

• Creating a manageable payment schedule for all of your debt
• Eliminating your unsecured debts, including the stripped lien, at the end of the three- to five-year repayment cycle
• Deferring payments to unsecured creditors, including credit card companies, allowing you to catch up on payments to secured creditors, such as the holder of your first mortgage
• Improving your credit

In addition, if you are in foreclosure and are trying to work on a loan modification, Chapter 13 bankruptcy can help you consolidate your debt and stop foreclosure while still allowing you to pursue the loan modification.

Contact Us for a Free Initial Consultation

If you are facing a home foreclosure or have questions about your second mortgage, please do not hesitate to speak with us. We offer a free initial consultation where we can discuss your specific situation and tailor our advice to your needs. Call us at 866-438-5217 or contact us online.