Due to COVID-19, all consultations will take place via video, phone, or email. Please don’t hesitate to call or submit a contact form to set up an appointment. Thank you and stay safe.

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.

Specialized Experts The Small Business Reorganization Act Chapter 11

The often times difficult Chapter 11 bankruptcy that traditionally favored larger companies is now available for small businesses through The Small Business Reorganization Act. Allows us to help you build a comprehensive strategy to navigate the process with the help our recognized team.

learn more

Real Client Experiences

  • “Excellent company to work with providing timely advice and guidance.”

    - Diane A.

  • “.... very attentive, patient and knowledgeable”

    - Tavy B.

  • “Well prepared, great attention to detail, and very empathetic to my needs.”

    - Walter L.

  • “I felt extremely well represented [by LSS Attorneys] during the whole process.”

    - Philippe K.

  • “[A]n amazing attorney to work with, extremely thorough, hands on and always available for any questions or concerns that you have.”

    - Katherine S.

/

Are You Ready for a Brighter Future?

Contact us 
for a free 
consultation.
  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.