Las Vegas Real Estate, Loan Modification, and Eliminating Second Mortgages From a Las Vegas Bankruptcy Lawyer.

A personal message from Sam Benevento regarding bankruptcy, your home and eliminating second mortgages.

Hi, I’m attorney Sam Benevento. Hopefully you have had a chance to view my free, instructional bankruptcy video. Since I prepared the video a few years back, the Las Vegas real estate market has gone through tremendous upheaval. Many people are looking for help in saving their homes. While there are some voluntary loan modification programs which are designed to help you modify the terms (i.e. interest rate, monthly payment) of your mortgage, you should understand that, because of the tremendous drop in the value of Las Vegas real estate, most of the modification programs offer little help to a homeowner trying to recapture the equity that his or her home has lost. Also, most loan modification programs only apply to 1st mortgages – if you have a second mortgage against your home it is typically unaffected by the modification.

The best approach that we have found to this problem is to place the homeowner in a chapter 13 bankruptcy. Assuming the homeowner qualifies for this type of bankruptcy, and assuming his/her income and home values are within certain limits, we can usually eliminate a second mortgage, home equity or pool loan IN IT’S ENTIRETY (while also eliminating many other types of debt). Once the bankruptcy is approved, the homeowner is then free to seek a loan modification on the first mortgage to hopefully obtain a more favorable payment term, with or without the help of an attorney or loan modification specialist.

We have successfully employed this approach in many, many cases and obtained the best results possible for our clients in these difficult times.

I urge you to view my video, keeping this information in the back of your mind, and then schedule a free consultation with me to discuss further. Give me 15 minutes of your time, and see if we can’t give you back some of the equity you have lost in your home!

Thank you for visiting our website. Please contact us if we may be of further assistance

Sam Benevento