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Bankruptcy and a Second Mortgage Atlanta, GA

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Client Reviews

Bankruptcy and a Second Mortgage

Ira and Jamie Gingold

A second mortgage is a loan taken out to borrow money against your first mortgage. This process can be done for a variety of reasons: consolidating debts, financing home improvements, to avoid property mortgage insurance, and others. Second mortgages tap into the equity in your home that you have built up over time.

Second mortgages can have benefits to homeowners. A second mortgage often allows people to borrow a large amount of money at one time because the loan is secured against their home (which is typically worth a good deal of money). Second mortgages often have a lower interest rate than other loans, and in some cases, people may receive a tax benefit because they are allowed a deduction for interest paid on the second mortgage.

However, taking out a second mortgage often gets people into a great deal of financial trouble. The biggest risk of taking out a second mortgage is that you have to put your house on the line. You are taking money out on something you still owe money on. A large percentage of people who have taken out a second mortgage have had to file for foreclosure because they could not make the payments on both the original home loan and the second loan.

People often forget to look at the entire picture when they think about taking out a second mortgage. Any time you borrow money (outside, perhaps, of a nice family relative or friend) you will be required to pay interest. Taking out a second mortgage requires lenders to take a greater risk. If you become unable to pay your payments, the lender will not get paid unless the first mortgage lender gets paid in full. This is why interest rates are higher for second mortgages than they are for the first loan’s rate.

Before you consider taking out a second mortgage, it is imperative that you fully look into your financial situation. Second mortgages are a common cause for filing bankruptcy. People often get themselves too far over their heads in debt that they begin drowning.

If you are struggling financially, please contact Gingold & Gingold, LLC. Our knowledgeable and experienced bankruptcy attorneys will review your specific circumstances and work with you to determine the best solution for your needs.

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

Phone: (404) 685-8800

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Our Client Reviews

Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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