Over the past few years the housing market has gone through numerous changes and, unfortunately, not all of them have been positive for homeowners. Many homeowners have found their property value has declined to the point where they are either upside down on their mortgage, or they have second and third mortgages which are no longer secured by the value of their home. As a result, more and more people have found themselves facing foreclosure and the potential loss of their home. In fact, during 2012, the state of Florida posted the highest foreclosure rate of any state in the nation, with one out of every thirty-two homes being involved in some form of foreclosure proceedings.

If you are facing extreme financial difficulties, are unable to keep up with your mortgage payments, or the bank is threatening to foreclose on your property, Chapter 13 bankruptcy may be solution you need. One of the benefits to Chapter 13, in addition to being able to stop creditor harassment and restructure your payment plans, is that you can ask the court to issue an order which would essentially remove your second and/or third mortgage. Without a second mortgage in place, making payments on your first mortgage becomes much more practical.

For more information on Chapter 13, or to find out how our firm could help you, we strongly advise you contact the Holland Law Group and speak with a skilled bankruptcy attorney as soon as possible. When you contact our firm, we will review your current financial and mortgage situation, help you determine the course of action which could best suit your needs, and work with you closely through the entire bankruptcy process so that you are able to save your home and improve your overall financial condition.

To schedule your free consultation in order to discuss how Chapter 13 bankruptcy, or any of the alternatives to bankruptcy could help you eliminate a second mortgage, contact us today for a free initial consultation.