Select Page

Remove A Second Mortgage - VirginiaRemove, Eliminate or Strip a 2nd Mortgage

by John G. Merna

Conditions Required To Remove A Second Mortgage


Not all second mortgages will be eligible for removal.  To be in a position to eliminate or remove a second mortgage the home owner will need two conditions to apply.

The first condition is that the second mortgage needs to be unsecured.  As explained in Part I of this guide, this means that the value of the house must be equal or less than the value of what is owed on the first mortgage.

The second condition is that the second mortgage must be in default or behind in payment.  This condition is not required in all options to remove the lien.

In some instances when a homeowner is struggling to afford the payments on his/her home, the natural inclination is to discontinue paying the larger payment which usually is the first mortgage and continue paying the smaller payment which usually is the second mortgage.  This inclination stems from a belief that isolating the financial problem to one large bill is better than defaulting on several smaller bills to make up the cash-flow deficit.

To have a shot at eliminating the second mortgage the homeowner has to overcome this inclination.  In most cases, when a homeowner defaults on a second mortgage the lender has few options and will generally do nothing.  They generally will not foreclosure because the foreclosure costs will have to be paid by them and the second mortgage will not receive any proceeds from the mortgage sale because the property is under water.  Therefore, foreclosure is not a viable options to recover their money.

In a very few instances, the second mortgage company may have the right to go directly to a lawsuit in order to pursue a garnishment or levy, however, as you will read in Part III this can be halted as part of the lien stripping.


On a personal note, I appreciate all the thanks from our blog readers and clients about the various topics I write about. To link to this stream of postings just “friend” us on Google+.  I would also appreciate if you would Google +1 this page at the top and our bankruptcy page to help others find this information. Stay tuned and God bless.

Archive: Remove A Second Mortgage – Part 2



 The Merna Law Group, Attorneys At Law, P.C. …overall experience was outstanding!5 Stars! “My husband and I were very happy with The Merna Law Firm. They are well organized, time manageable, and friendly. I was even able to bring my children with me if I needed to. In court, they stayed right there beside us and answered all questions we had. Our overall experience was outstanding and I am glad we were represented by the Merna Law Group.” Reviewed by A.M. of Suffolk on Mar 5 . 
 The Merna Law Group, Attorneys At Law, P.C. …very helpful and friendly!5 Stars! “Everyone at the office was very helpful and friendly. The attorney answered all of our questions and helped us through the entire process. He was also very helpful answering concerns that we had after the process was completed/over. Highly recommended!” Reviewed by M.E. of Virginia Beach on Mar 11 . 
 The Merna Law Group, Attorneys At Law, P.C. …debt free!5 Stars! “A friendly staff and outstanding attorney who helped me through a difficult time in my life. Thanks to everyone at the Merna Law Group who helped me move on to and new chapter in my life debt free!” Reviewed by M.F. of Norfolk on Mar 8 . 
 The Merna Law Group, Attorneys At Law, P.C. …kind and friendly from the start!5 Stars! “Everyone there was kind and friendly from the start and helped us with everything in a timely manner. They were never rude no matter how much we called or asked questions.” Reviewed by B.P. of Virginia Beach on Feb 20 . 
 The Merna Law Group, Attorneys At Law, P.C. Didn’t have to worry about anything!5 Stars! “Just keep providing the type of service you do. You business values are based off reliability and service. Today’s Law Offices just don’t offer that kind of experience. Didn’t have to worry about anything!!! Just being able to go on with my normal life and know that all my issues are well taken care of is a relief in itself.” Reviewed by A.P. of Virginia Beach on Mar 4 .