GA Law Group has successfully negotiated with mortgage holders to settle 2nd and 3rd mortgages for as low as 10 cents on the dollar. This is often an answer to getting your financial situation under control and saving the family home.
Recent 2nd Mortgages Settled – Lien Strips
SAVED $173,000!!!
$213,000 – for $40,000 – Greg L., (West Hills) Chase
SAVED $157,158.00!!!
$287,158.00 – Settled for $130,000 – Jose G., (Sylmar) Wells Fargo
SAVED $31,500!!!
$35,000 – Settled for $3500.00 – Veronica S. (Woodland Hills) GMAC
SAVED $295,000!!!
$500,000 – Settled for $205,000 – Ivan N., (Los Angeles) Chase
There are two types of liens which can be attached to an individual’s property or assets. The first is a voluntary lien which is basically a situation where you have agreed to use the asset as collateral for a debt, i.e. mortgages and auto loans. A non-voluntary lien is one that a creditor imposes on you and that gives them the right to force you to sell the asset so that they can be paid, for example: judgements against you or tax liens. These liens are either secured or unsecured as to the asset they are attached to.
The most common issue for an individual nowadays is the situation where a homeowner who has a first and second mortgage on a primary residence is facing financial hardship and wondering if they have the ability to save the family home. As real estate markets fall and the fair market values of the homes fall, homeowners are left with mortgages that far exceed the current fair market value of their homes. There is a process which could be of help to many in this situation and it’s called “lien stripping”.
“Lein Stripping” refers to the process of reducing a secured claim to the value of the underlying collateral. The secured lien is allowed in the amount up to the fair market value of the property at the time of the stripping. The balance of the lien, which exceeds the fair market value of the property, is now deemed unsecured.
Call us! The first consultation is free and most charges are low, flat fees.
