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Reduce Mortgage Payments In Bankruptcy

It is possible to reduce mortgage payments in bankruptcy; however, it depends on several variables. The most common, and the easiest, way to reduce a mortgage payment is to use a process called lien stripping.

Lien stripping reduces your mortgage payments by eliminating your second mortgage. If you are completely underwater on your first mortgage, then you can have your second mortgage voided in a bankruptcy. This means that the once the bankruptcy is complete, the lien is released.

Due to the decline in home prices, people with more than one mortgage can take advantage of the bankruptcy process to eliminate mortgage payments and increase the future equity in your home. If you get rid of your second mortgage now, then when the real estate market rebounds you will have more equity in your home.

This is only available in a chapter 13. However, I can work with you to create affordable chapter 13 payments. Once you file chapter 13, I will file an adversary proceeding to void the lien. All you have to do is provide an appraisal that proves your house is worth less than the balance of the first mortgage.

Lien stripping is an affordable and effective way to reduce your mortgage debt and increase the future value of your home.


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I am a bankruptcy attorney with offices in Seattle and Kent. I help people from all over the Puget Sound region file bankruptcy. My practice services bankruptcy clients from Seattle, Kent, Renton, Bellevue, Tacoma, Burien, Des Moines, Auburn, Federal Way, the Eastside, and Pierce County.

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The Law Office of Mark McClure, PS is designated as a debt relief agency under the United States Bankruptcy Code. We help people file for bankruptcy. Nothing on this website constitutes legal advice. Nothing on this website creates an attorney-client relationship.

Bankruptcy Attorney with offices in Seattle and Kent, also serving Tacoma, Bellevue, Federal Way, Auburn, Des Moines, Burien, the Eastside, and all over the Puget Sound Metro Area.
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