Michigan homeowners who are defaulting on their mortgage or property taxes can receive financial assistance through the “A Step Forward” program. Homeowners who have had a financial hardship can apply for the program to pay mortgage arrears, partial mortgage payments…
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You Can Get Rid of Your Second Mortgage
One of the benefits of filing Chapter 13 bankruptcy is removing a second mortgage on your personal residence. This process is called “lien stripping.” You can qualify to “strip” the second mortgage if the balance owed on your first mortgage…
Posted in Chapter 13 Bankruptcy, Mortgages
Surrendering Property in Bankruptcy
Many people who file bankruptcy have property with a lien on it, such as a mortgage or car finance loan. If they don’t pay the secured loan, the property can be repossessed or foreclosed. Bankruptcy provides the opportunity for people…
Posted in Mortgages, Surrender Property
Successful Mortgage Modification
Many of my clients have become overwhelmed with high mortgage payments. Some of their payments increased due to an adjustable interest rate while a reduction in income made maintaining mortgage payments difficult for other clients. The good news is that…
Posted in Loan Modification, Mortgages
Michigan Bankruptcy Law Blog 