LAW OFFICE OF JASON HONAKER​
  • About
  • Attorneys
  • Why Choose Us?
  • Consultation
  • Blog
  • Mailing Information
  • Fees
  • Videos
  • Tax Resolution and Relief
  • ARAG
  • Contact Us
  • What is Chapter 7?
  • What is Chapter 13?

OUR LAW OFFICE BLOG

Real World Principal Reductions: Stripping Mortgages in Chapter 13

3/9/2012

0 Comments

 
It was reported in the news today that Bank of America made a "side deal" with the government related to the "robo-signing" scandal.   If you missed the news, robo-signing is a catchy name for lying, cheating, and stealing automatically (robotically) while thinking only about profits.

As part of the side deal it cut with the government, Bank of America will give some borrowers principal reductions.  We'd speculate that the real result of this program will be "almost all talk, almost no action."  That remains to be seen.

But what many may not be aware of is that some borrowers - including those who used "80/20" purchase loans - may be able to get the equivalent of a 20% principal reduction of their total mortgage debt by stripping their second mortgage lien in Chapter 13 bankruptcy.  If you are interested in how this process works, and whether you might qualify, contact us for a free consultation.
0 Comments



Leave a Reply.

    Request Free Consult
    Request a Consult or Call Back Online, or Call Us at 650.259.9200 

    Author

    Law Office of Jason Honaker

    Archives

    September 2018
    July 2015
    March 2015
    June 2014
    May 2014
    September 2013
    June 2013
    April 2013
    January 2013
    December 2012
    November 2012
    September 2012
    August 2012
    July 2012
    June 2012
    May 2012
    April 2012
    March 2012
    January 2012
    November 2011
    October 2011
    July 2011
    June 2011

    Categories

    All

    RSS Feed

We are a debt relief agency. We help people file Bankruptcy under the Bankruptcy Code.
  • About
  • Attorneys
  • Why Choose Us?
  • Consultation
  • Blog
  • Mailing Information
  • Fees
  • Videos
  • Tax Resolution and Relief
  • ARAG
  • Contact Us
  • What is Chapter 7?
  • What is Chapter 13?