The Chapter 13 Plan to Save Your South Florida: Avoid the Second Mortgage and Modify the First Mortgage

Submitted by Anonymous (not verified) on Fri, 10/04/2013 - 06:57
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Miami Personal Bankruptcy Lawyer Jordan E. Bublick has over 25 years of experience in filing chapter 13 and chapter 7 bankruptcy cases. His office is centrally located in Miami at 1221 Brickell Avenue, 9th Fl., Miami and may be reached at (305) 891-4055.  www.bublicklaw.com

As reviewed in this blog previously, the present Chapter 13 bankruptcy laws allow a homeowner to avoid his second mortgage if it is not a "secured claim" - meaning that there is no equity to secure the second mortgage holder's lien. In other words, the second mortgagee is wholly underwater. Under section 506 of the bankruptcy code, the lien of the second mortgagee would be wholly avoided and deemed a wholly unsecured claim. In many or most cases in Miami homes, the second mortgage is wholly "underwater" as it was typically made in the amount of 20% of the value at the time of the loan and values have fallen so dramatically. Jordan E. Bublick is a Miami Personal Bankruptcy Lawyer with over 25 years of experience in filing chapter 13 and chapter 7 bankruptcies. Miami Personal Bankruptcy Lawyer Jordan E. Bublick has filed over 8,000 chapter 13 and chapter 7 cases.