Mortgage Modification Attorneys
Removing & Modifying Mortgages On Your Primary Residence Through Bankruptcy
Investment property is, by definition, a real estate property that has been purchased with the intention of earning a return on the investment, either through rental income or the future resale of the property, or both. Sometimes property is originally purchased as a primary residence, and later changes to an investment property.
Why a Mortgage Modification?
Many times, the owners of these investment properties cannot afford the monthly mortgage payment, especially considering the other carrying costs of these properties, such as association payments, real estate taxes, insurance and other monthly expenses. Sometimes, the property is worth less than the outstanding mortgages. That is, these properties are “underwater”.
What many people do not know is that there are options for modifying these mortgages through a bankruptcy proceeding. This is the case whether the property is owned by an individual or a company. The mortgages can be modified, resulting in a positive cash flow and the possibility of a resale for a profit in the future.
When Can Mortgages Be Modified?
For first mortgages, it may be possible to reduce the amount of the mortgage to the value of the property. It may also be possible to modify the term and interest rate of the mortgage to a manageable amount. If the value of the property is less than the amount of the first mortgage, and you have a second and third mortgage, or other junior encumbrances, you may be able to eliminate those second and third mortgages while keeping your investment property, through a bankruptcy proceeding.
Let Our Mortgage Modification Attorneys Help You
Our attorneys at LSS Law have assisted countless individuals and companies in this type of legal action. In fact, we have developed a niche in our district for representing individuals in Chapter 11 proceedings, saving our clients tens of millions of dollars in the process.
We employ a variety of bankruptcy strategies, including Chapter 13 bankruptcy and individual and corporate Chapter 11 bankruptcies. We know the ins and the outs of the process, and we are confident our experience can help you achieve your desired results.
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