Success Story: House Underwater

The Great Recession resulted in plummeting home values across Oregon and the rest of the country. Beginning in 2009, many home owners realized they owed more on their homes than their houses were worth. In some cases, the houses had a first mortgage as well as a second mortgage or a home equity line of credit. In dozens of cases, our bankruptcy attorneys guided clients through chapter 13 bankruptcy allowing them to keep their homes and “strip” the second mortgages or equity lines of credit leaving them with just the first mortgage.