If you own your own home, then chances are great that the biggest expense that is associated with your bills involves payment of your rent or mortgage. In the golden years, most people are thinking of enjoying their retirement in simple comfort. However, for the large percentage of homeowners of retirement age, the mortgage associated with their monthly bills many times also includes a second mortgage and a secured equity line.
Wouldn’t it be phenomenal if you could reduce or eliminate the payment of your mortgages or equity line? If you qualify, and you act, you may be able to reduce your biggest expense in retirement.
A second mortgage may be eliminated and an equity line can be eliminated in Florida if the value of the property you own is of a value less than the amount you owe to pay off your first mortgage. By filing Chapter 13 bankruptcy in Florida, a retirement age homeowner who has an outstanding first mortgage debt that is
greater than the appraised value of the homeowner’s property can eliminate a second mortgage or any other subordinate mortgage altogether.
The potential savings and benefits are compelling. It is much easier to pay only one mortgage than also paying for a second mortgage and/or an equity line. Of course, you can always downsize, sell your property and relocate, but that is usually not what you want. If you still have a mortgage or two, the best thing that you may want to do is to see if you qualify to reduce your housing expense. If you are struggling with paying your mortgage housing expense in addition to your other ongoing expenses you may benefit from speaking to an experienced bankruptcy attorney in Miami who will discuss your options with you.
At the Law Offices of Alberto H. Hernandez, P.A., the consultation is free and we can analyze your loan and your debts, to see if you benefit from eliminating a second mortgage or an equity line. Call us at (305)820-0334 to set up your appointment. It takes about 15 minutes, and the service is 100% free. See if you qualify today!