Buffalo Bankruptcy Attorney Explains If Filing For Bankruptcy Can Reduce Your Mortgage

  • It is impossible to Reduce your Mortgage in a Chapter 13 Bankruptcy
  • If you have a Home Equity Loan, or a second Mortgage, where the value of that and the first Mortgage together exceed the value of the Property, you can file a Pond Motion
  • This Motion is brought to the court, and the debtor needs to prove the value of the property
  • You will try to avoid the Court reducing the second Mortgage

This educational video was provided by Randy H. Gugino, an experienced Buffalo Bankruptcy Attorney. If you have questions about reducing your mortgage through bankruptcy, we would be happy to help. Please contact our office at (716) 833-8455 for a free initial consultation. Let our experience work for you.