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                 To BIG City Problems."

"Small Town Attention....To BIG City Problems."
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FSSK Legal Blog

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Stripping Away Burdensome Mortgage Debt

Stripping Away Burdensome Mortgage Debt

Lien stripping is a process available to debtors in bankruptcy that can remove junior mortgage liens on residential property, freeing property from burdensome mortgages that exceed the value of the property.  After a lien strip, a homeowner is only obligated on the first mortgage, i.e. the mortgage having the most senior priority, which typically is the mortgage that was taken out first.  The junior mortgage debt is wiped out.  Lien stripping is a great option for those homeowners who want to remain in their home, whose first mortgage balance is not too much higher than the home value, and who can afford payments on the first mortgage.

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