
DE Official Form 410 (Formerly Bankruptcy B10 (Modified)) 2011 free printable template
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From cbs4 this is haystack TV powered by haystack help calm finding reliable services can be like finding a needle in a haystack with haystack help calm finding the needle just got a lot easier now here's the host of haystack TV Chris Cain filing for bankruptcy is a stressful and life-changing experience and if you think it's time to file Kevin Maple an attorney with hypo law is here to help Kevin hi Paul joins us today thanks for being here sure now you're a bankruptcy attorney right you're very good at what you do Thanks you don't only deal though people that are looking at bankruptcy you help people that that maybe are looking at loan modifications or maybe facing a foreclosure or other things too so in general today we're going to talk about just clever solutions to relieve debt because a lot of people you know they have to file for bankruptcy and others just aren't sure let's talk about some clever ways that people can relieve some dead let's start with strip offs what is a strip off and how does someone take advantage of it yeah strip off is a bankruptcy term we throw around quite a bit and what it is it's a way to remove a second mortgage from your home and what we see now with this economy and the home price is dropping that if your home value is less than the first mortgage balance you can remove your second mortgage it's called a strip off so let's just say your home's worth one hundred ninety thousand dollars if your first mortgage is a hundred and ninety-one thousand a hundred and ninety-five thousand two hundred thousand dollars you're underwater on your first mortgage and under bankruptcy you're allowed to remove that second mortgage you completely remove it all together so a lot of people that want to take advantage of these low interest rates, but they can't because the value of their home is not high enough, and you should maybe look at this to find out heck is my first mortgage higher than the value because if it is, and I have a second mortgage I can get that rid yeah I can get rid of that altogether yeah I could save you three to five hundred dollars a month and another thing that we can do to dovetail it is we put you into a loan modification after we remove the second mortgage and what a loan modification is that you reduce your monthly mortgage payment to be thirty-one percent or less than your gross monthly income so if we're able to get rid of the second, and now we're able to lower your first now made the home affordable, and we can do that through two different programs, and I've heard a lot of I know a lot of people know what loan modifications are or at least they've heard the term loan modification, but they don't know how to take advantage of it, and they definitely don't know how to do it on their own, although you can, it's very, very difficult, and you need an expert that knows how to deal with the best it is because one you got to set up the paperwork to qualify for the loan modification to make sure you afford...
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