CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Second Mortgages

The economy’s effect on Florida’s real estate market has caused home values to plummet approximately 40 percent in recent years. While approximately four to five years ago, many homeowners had sufficient equity in their home to secure a second mortgage (or home equity line of credit — HELOC), these homeowners are now confronting the reality of owning a home that is valued far less than what is owed on their first mortgage, let alone what is owed on the second mortgage.

At the Law Offices of Robert M. Geller, P.A., we understand the financial burdens people experience when they have upside down and unsustainable mortgages. We counsel and advise people of their rights and options available to them, and we guide clients through all phases of the bankruptcy process. Since 1991, we have successfully helped countless people in the Tampa Bay area file for bankruptcy relief under Chapter 7 or Chapter 13 of the Bankruptcy Code.

Is Your Home Worth Less Than What You Owe?

When a home is valued less than what is owed on the first mortgage, it is possible to eliminate the second mortgage and never have to repay what is owed on the second mortgage through a Chapter 13 bankruptcy filing. What this means is that the second mortgage can no longer be considered a lien or encumbrance against the home.

Filing a Chapter 13 bankruptcy may be the ONLY method available to homeowners to stop payments on a second mortgage and eliminate debt obligations owed on a second mortgage.

In order to successfully discharge second mortgage obligations, our attorneys will file a motion with the Bankruptcy Court in which we allege that your home is valued less than the amount owed on your first mortgage, in addition to any supporting evidence, such as an affidavit, appraisal, real estate tax statement, or other supporting documents. The motion is subsequently served on the second mortgage holder and is decided by the court. If the court verifies that the home is valued less than the amount owed on the first mortgage, it will issue an order discharging the second mortgage obligation, pending the successful completion of a Chapter 13 bankruptcy. This allows homeowners to sell the home, if they choose, without being required to repay the second mortgage obligation.

Should I Keep or Get Rid of My Home?

Our Tampa bankruptcy lawyers provide clients with the individualized and attentive legal counsel they need through difficult times. We tailor our debt relief strategies to meet the unique needs of each client. When advising clients about second mortgages or any other financial problem which brings them to our office, we carefully assess their financial situation and recommend the most appropriate option, given their circumstances.

While for some clients, it makes sense to file a Chapter 13 and eliminate a second mortgage, other clients will still owe far more on the first mortgage than what their home is worth, and will still have significant financial problems even if the second mortgage is stripped. In these situations, it may make more sense to file a Chapter 7 bankruptcy, surrender the home, discharge both mortgage obligations and purchase a new home at a lower mortgage. We take these complex issues, as well as the emotional impact on your family, into consideration when recommending debt relief strategies.

Learn more:

Contact a Tampa Bankruptcy Attorney to Address Second Mortgage Concerns

Most people are unaware that they may be capable of discharging debt obligations to a second mortgage through a Chapter 13 bankruptcy. For additional information, or to discuss your concerns with an experienced bankruptcy lawyer, contact our Tampa, Florida, law firm. Call us at 813-254-5696 to schedule a free initial consultation. Attorney Robert M. Geller is a certified specialist in Consumer Bankruptcy Law by the American Board of Certification *.

Visit our bankruptcy information center to learn more.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

* Accredited by The Florida Bar to certify lawyers in the specialty area(s) of consumer bankruptcy law.

Video Testimonials

Tampa Bankruptcy Law Blog

Have You Received a Letter from the IRS About a Tax Debt? Here’s What You Should Know Before Responding

Here's what you need to know if the IRS has contacted you about tax debt. Every year the IRS contacts...
Read More

Here’s How You Can Rebuild Your Credit

How do you repair this damage and rebuild your credit after filing for bankruptcy? Many people believe that filing for...
Read More

How Can You Practice Smart Credit Card Management after Bankruptcy?

How can you learn better credit card management after bankruptcy? Using credit after bankruptcy is an intimidating experience for many...
Read More

How Do You Improve Your Credit Score?

How do you improve your credit score? Here's what you need to know. Your credit score plays an important role...
Read More

Does Bankruptcy Credit Counseling Work?

Bankruptcy credit counseling helps you emerge from bankruptcy understanding credit management. People filing for bankruptcy must take two courses regarding...
Read More

5 Things That Boost Your Credit Score

Your credit score has a major impact on your financial life. You can be a great person with a bad...
Read More

How to Correct Errors on Your Credit Report after Bankruptcy

How do you deal with errors on your credit report after bankruptcy? In a perfect world, you could ignore your...
Read More

Tips for Rebuilding Your Credit after Bankruptcy

One of the primary goals after filing for bankruptcy is rebuilding your credit. As tempting as it might be to...
Read More

I’m Starting a New Life and I want a Financial Fresh Start – Should I File for Bankruptcy Now or Wait?

As the say goes, “when it rains it pours.” If you’ve found yourself experiencing financial difficulties while also dealing with...
Read More

What Does It Mean to Get a “Financial Fresh Start” in Bankruptcy?

Financial Fresh Start You’ve probably heard it before. “Bankruptcy gives you a financial fresh start.” It’s something stated on this...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo avvo1 avvo2 avvo3 LEA BBB Logo RG Seal

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions