What Can You Do About a Second Mortgage Deficiency?
As housing values kept climbing, many people were able to take out HELOC (home equity line of credit) or second mortgages to help meet other expenses. When the housing market collapsed and foreclosures increased, there often was not enough value left in a home to pay the first mortgage – and certainly no money available to pay off the HELOC or 2nd mortgage.
The bank could then sue the homeowner for the amount of the now-unsecured HELOC.
This has happened to many people in California as bankers sue for the amount still owed.
What can you do to defend against a HELOC lawsuit or second mortgage debt collection?
An attorney negotiated debt settlement is a great solution for many people. Our mortgage debt settlement process involves negotiating for large reductions in the debt (principal & interest) allowing our client to settle the debt permanently for a fraction of the balance.
Here are some of the benefits of working with our firm:
- We regularly negotiate with most major lenders and have likely dealt with your bank before.
- Find out your options with the free debt analysis we provide.
- Avoid bankruptcy and move on without the mortgage debt.
The next action you take is important. Talk to a lawyer in a FREE consultation at McCarthy Law PLC. When you know the facts about dealing with a HELOC or second mortgage debt, you can make the right decision for your family. It is easy to feel pressured when the phone keeps ringing and the letters keep coming.
Ask for a FREE Consultation with a Mortgage Debt Defense Attorney
McCarthy Law PLC is a no-pressure zone where you can sort through the alternatives and decide calmly what action to take next.
Contact Us for an appointment.
Watch this video to learn our mortgage debt settlement process.