Mortgage Strip-Offs and Cram Downs in Harrisburg or York
Consult Our Experienced Legal Team Today
Many homeowners in Cumberland and York counties are in a difficult situation
in which their homes are worth much less than what they paid and they’re
struggling to make payments on two mortgages. If you are in this situation,
there are options you may be unaware of that could give you an opportunity
to keep your home, including “strip-offs” and “cramdowns.”
You could file Chapter 7 bankruptcy to discharge some of your other debts,
but you will still have to pay your home mortgages. Another increasingly
popular option is filing for
Chapter 13 bankruptcy. Chapter 13 may give you the option of stripping off your second mortgage.
A candidate for a mortgage strip-off must:
- File for Chapter 13 bankruptcy
- Have two mortgages
- Have a second mortgage that is fully unsecured
There are other rules and exceptions for a Chapter 13 strip-off. To find
out which option is best for you and your family to defend against foreclosure
— whether within or outside the bankruptcy process — contact
our experienced Harrisburg & York bankruptcy attorneys.
Getting rid of that burdensome second mortgage through a strip-off sounds
pretty attractive, but it isn’t available in every situation. If
you are interested in discussing whether you qualify for a mortgage strip-off,
contact Dethlefs, Pykosh & Murphy Law to set up a
free initial consultation
with one of our York bankruptcy attorneys.
York & Harrisburg Cramdown Attorneys for Car Owners
A cramdown is a court-ordered reduction of the balance of a vehicle loan.
It has become a popular tool for Pennsylvanians with “upside down
car loans” — when the owner owes more money in vehicle payments
than what the automobile is worth.
Chapter 13 bankruptcy has a specific provision that allows for qualifying
car owners to “cram down” the debt amount on the outstanding
loan payments to the present fair market value of the vehicle. Chapter
13 bankruptcy will create a reasonable repayment plan for the vehicle
owner to follow in repayment of the fair market value of the automobile,
but the owner will no longer have to make payments exceeding the car’s value.
Discuss Your Options With an Experienced Cumberland County Bankruptcy Attorney
At Dethlefs, Pykosh & Murphy Law, we present our clients with
all their bankruptcy-related options so they can make informed decisions
that are best for them and their families. For your convenience, our bankruptcy
law firm holds offices in both York and Cumberland counties and proudly
serves clients in Dauphin County. We also have an office in Chambersburg.
If you would like to explore options available to burdened property owners
through Chapter 13 bankruptcy,
contact Dethlefs, Pykosh & Murphy Law to arrange a free initial consultation with one of our Pennsylvania mortgage