Remove Second Mortgages Through Lien Stripping - Santa Monica Attorneys

Real estate is a costly investment that most people want to hold onto until it becomes profitable, especially if it is their primary residence or office of operation. However, because of the current economic conditions, retaining real estate is becoming harder and harder since the value has dropped in most areas, but people are still responsible for the full price of the loan on the property.

There are ways to help if this is the situation you are finding yourself in. At Weintraub & Selth, located in Los Angeles, California, we understand the legal mechanisms available that can help people who are in desperate need of effective debt relief and knowledgeable real estate counsel. To learn more about how we can help you, please do not hesitate to contact us today.

Lien Stripping

In some instances, if you have a second mortgage or even third or other subsequent mortgages or liens on your property, we can lien strip those loans off your mortgage so that the original mortgage is now only for the price of what your property is currently valued at. The remaining debt that has been stripped off can now be treated like unsecured debt and can be negotiated to be paid off for pennies on the dollar.

Our Santa Monica lawyers have lien stripping experience for both homeowners and businesses, whether it be your primary residence or an investment or vacation property. This process usually takes place as part of a bankruptcy action, but it does have to be. Lien stripping can also help increase cash flow for businesses and can be a way for families to keep their homes. We can also use this method to help you determine which properties should be lien-stripped and for the purposes of saving a property, which real estate holding should be classified as a primary residence or office location.

Orange County Short Sale Attorneys

We can also help you facilitate a short sale if you are underwater on a property and want offload the asset, even if it means you will sell the piece of real estate for less than what you owe. We can help negotiate with your lender when it comes to accepting a short sale agreement and handing over the note to you.

Banks may allow this type of transaction so they can avoid the time and expense of having to foreclose on a property. A short sale can help avoid foreclosure and it may be a viable alternative in avoiding the need to file for bankruptcy. We can analyze your situation to see if this is the right choice for you and what your other options may be.

For more information: To discuss lien stripping, short sales and sale-leaseback opportunities with one of our Los Angeles attorneys at Weintraub & Selth, call 310-584-7702, 866-572-2423 (toll free) or complete the contact form on this website. Se habla español.