Law Office of Matthew C. Swanson, P.C.


(508) 857-5697



Eliminate Second Mortgage

Eliminate Second Mortgage (junior mortgages) Through Lien Stripping

To Eliminate Second Mortgages (or other junior mortgages) certain conditions must be met. As housing values in and around Massachusetts have plummeted, homeowners have been left with mortgages that far exceed the value of their property.  With the housing market in distress and a down economy, many homeowners are struggling to make payments on a second or third mortgage.

Eliminate Second Mortgage

Homeowners have the ability to Eliminate Second Mortgages (junior mortgages) through lien stripping.  This is a court process that is only available if the debtor’s first mortgage is higher than the value of their home.  For example, if you own a home worth $300,000.00 (based on an appraisal value) and have a first mortgage for $310,000.00 and a second mortgage for $70,000.00 – you would be able to eliminate your second mortgage in a chapter 13 bankruptcy.  For a second or third mortgage to be removed, a debtor must successfully complete the chapter 13 process.  Please be aware, it is not possible to remove a second or third mortgage in a chapter 7 bankruptcy.

So while many people are starting to surrender their real estate back to the bank, think twice before you make your decision and speak with a competent bankruptcy attorney.  You just might be able to remove the second mortgage and keep the house with a more affordable mortgage payment.


Let the Law Office of Matthew C. Swanson Help You Today

If you have a second or third mortgage on your property, please call for a free consultation to discuss the possibility of stripping the second or third from your real property.  Contact Attorney Swanson today.

The Law Office of Matthew C. Swanson services all of Plymouth County, Bristol County, Norfolk County, and Barnstable County.

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It has been several years since Attorney Matthew Swanson has handled my bankruptcy case.  At first it seemed overwhelming and immposible.  I was trapped financialy with no end in sight. After my bankruptcy was officialy discharged my long term goals were once again in sight.  Today I am able to qualify for mortgages and have obtained all the low interest rate loans that I was previously able to qualify for.  It was the smartest decision that I never wanted to make.  Accepting financial defeat is not easy, but as a last resort is not the end of the world.  Just a new beginning. Matt, Fall River


Fall River

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