On or about January 17, 2012, Sadek Law Office filed an adversary proceeding against a major mortgage servicer for among other things, stripping a wholly unsecured junior mortgage lien. The subject real property at issue was valued less than the first mortgage amount of $180,000.00 thereby deeming the second mortgage lien as “wholly unsecured.” Through an adversary proceeding to determine secured status filed in The United States Bankruptcy Court for the Eastern District of Pennsylvania it was determined that the the $48,440.42 second mortgage balance shall be paid only as an unsecured creditor through the Chapter 13 Plan. The delighted homeowners now owe significantly less on their real property and have reduced their monthly payments accordingly.
If there are any general questions or topics you would like to read about relating to bankruptcy law in the Eastern Pennsylvania region, you may contact the Bankruptcy Lawyers at Sadek Law Offices, LLC at 215-545-0008 or 610-432-3111 or email brad@sadek-cooper-site. Thank you.