Los Angeles Lawyers - Lien Stripping for Residential Properties

While many people are underwater on their primary residential homes, those people who bought investment properties are often now burdened with what feels like insurmountable debt. No matter what your real estate situation may be, if you want to avoid home foreclosure or losing any other property you own, at Weintraub & Selth, we can help you explore your options and make sound decisions regarding how to preserve your real estate assets.

We are here to help people all over California who need to achieve much needed debt relief while also preserving their largest asset, their home. We are extremely experienced when it comes to lien stripping any second mortgages or subsequent loans you have on your primary residence or any other properties you own, such as vacation homes or investment properties. To learn more about our lien stripping legal services, please contact us today to schedule an appointment with one of our knowledgeable Los Angeles attorneys.

What is Is Lien Stripping?

At our firm, we believe in performing a careful analysis of your situation to see how to best achieve your goals. Most people want to save their real estate holdings so they can sell them later when the market corrects itself and values rise.

However, right now many people owe more than what the property is worth. So, before you default on your loans, enter into foreclosure proceedings or fall victim to a short sale, we can help you address important pre-planning issues, which may include analyzing where lien stripping can help save a property and how to organize your real estate portfolio to best position yourself to keep any or all of your holdings.

First, we can help you determine which property should be deemed your primary residence. We can then help you eliminate any mortgage that is the not the first mortgage, which is wholly unsecured and is in excess of the property's actual current market value. This means what you owe on your house can be reduced down to be only the value of the property now.

Your first mortgage will be for this amount and is secured because the home is collateral for that amount. The remaining amount of the other loans can be stripped and then become unsecured debt This can be paid off for pennies on the dollar through a bankruptcy petition such as Chapter 11 or Chapter 13 where debts are reorganized and a payment plan is set up.

Orange County Lawyers Here to Help You Remove a Second Mortgage

To discuss your immediate legal needs and long-term real estate goals with an experienced California attorney, please call our L.A. offices at 310-584-7702 or toll free at 866-572-2423. You may also e-mail us now [Link to Contact Us] to schedule an appointment, and you can learn more by reading this article about lien stripping.