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Lien Stripping in Bankruptcy is Court Ordered Mortgage Modification One of the advantages to filing chapter 13 bankruptcy is the ability to strip an “under secured” junior mortgage lien. When a homeowner owes more on their first mortgage than their home is worth, Chapter 13 allows junior mortgages to be removed or “stripped” which has [...]

The right to a bankruptcy discharge is not absolute The right to a bankruptcy discharge is not absolute. For example, debtors who fail to keep adequate records, hide assets, incurred debt based on false pretenses, rack up credit card debt in bad faith or who are generally dishonest with the court are precluded from receiving [...]

Will the government be able to provide you with mortgage relief? Maybe, but maybe not. Waiting for your mortgage lender or a government program to fix your defaulted mortgage problem or return your equity that was lost by the declining housing market? Will that be a successful strategy? Maybe and maybe not. While there certainly [...]

Look for value when selecting a bankruptcy attorney If you’re considering bankruptcy as an option for dealing with mounting debt, and are in the process of looking for an attorney, you may want to stop and take a moment to read Oscar Wilde. No, I don’t suggest looking through Wilde’s plays, books and poems because [...]

Texas law allows lenders to pursue deficiency judgments after foreclosure A deficiency judgment arises when the proceeds from a foreclosure sale fail to satisfy the outstanding mortgage balance, and a lender wins a lawsuit seeking payment of the difference. The practice has become much more common in today’s troubled housing market, where many Americans find [...]