“Dear Steve,
I am not sure what type of lawyer we need Bankruptzy or realestate? We are current with or 1st and 2nd mortgage and are quickly falling behind in credit cards and car payment. What type of lawyer do I need i would like to get rid of the 2nd the bank does not want to lower the rate from 9%. Our first is conventional @6.25%. We both have businesses that generate 70-80k total net income now but it seems too late. I was also out of work for 1 year and depleted savings and credit cards.
PJM”
The Answer:
Dear PJM,
You definitely need to go and talk to a bankruptcy attorney. Depending on the value of the property and the total amount of the mortgages, part of the second mortgage may be able to be reduced.
Find a local bankruptcy attorney you like and then go and chat about your situation for free.
Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.
P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.