Recession’s Effect on Mortgages

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The Florida Bankruptcy Attorney Blog has posted an article that discusses the effects of the recession on mortgage payments, especially people with 2 mortgages to pay.

It’s possible to have taken out a “second home equity line of credit” to catch up with delinquent payments. However, if all that money has been spent and payments are still incomplete, this article suggests bankruptcy as a possible option. Bankruptcy would allow for the removal of the second mortgage, as well as lower the total mortgage payment.

If you have questions about bankruptcy, feel free to contact us.

Another resource for you is to join our Facebook Fan Page – Alabama Consumer Protection Attorneys where we share useful information about the same types of issues that we cover in this blog.

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