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NewswireTODAY - /newswire/ -
Las Vegas, NV, United States, 2008/10/15 - Las Vegas Attorney Dorothy Bunce, launched a new website and hotline today to inform the thousands of Southern Nevadans affected by depreciating home values and rising debt that a little known law may offer relief.
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Las Vegas Attorney Dorothy Bunce, who represents consumers in the area of personal bankruptcy and foreclosure law, launched a new website and hotline today to inform the thousands of Southern Nevadans affected by depreciating home values and rising debt that a little known law may offer relief. The website, lienstripping.com, refers to the legal term “lien stripping” which can eliminate a second mortgage, deed of trust or home equity line of credit. Homeowners may also call the lienstripping.com, hotline at 702-789-1067.
“For the tens of thousands of Southern Nevada homeowners who owe more than their home is worth, options may exist to reduce their debt load,” said Dorothy Bunce. “Eliminating these mortgages or lines of credit through the process of lien stripping may give homeowners the opportunity to sell or refinance their home, and in many cases, prevent losing their home to foreclosure.”
With lien stripping, a creditor no longer has the right to foreclose if payment is not made. The debt itself can be eliminated as part of a Chapter 13 Bankruptcy. If the property value is now less than the balance owed on the first mortgage, lien stripping can remove a second or third mortgage or deed of trust on real estate that has fallen in value.
For example, if a home was purchased for $400,000, the value may have gone down to $310,000 today. If the property was financed with a first mortgage (or deed of trust) for 80% ($320,000), any second or third mortgage could be stripped. By stripping off the second mortgage, the monthly payment may be more affordable for the homeowner. The liens removed from the home would be paid back as part of a Chapter 13 repayment plan.
Nevada ranks at the top of the list for states with the nation’s highest foreclosure rates. According to RealtyTrac, the leading online marketplace for foreclosure properties, one in every 91 households in Nevada received a foreclosure filing in the month of August alone. Las Vegas currently holds the seventh position for metro cities with the most number of foreclosures. One in every 75 households in Las Vegas received a foreclosure filing in August.
Dorothy Bunce graduated from the University of Puget Sound School of Law in 1978 and handled her first bankruptcy case in 1979. Having filed for bankruptcy herself after her husband became ill, Bunce can relate to the mixed emotions that Nevadans who are facing tough financial times experience. Bunce began her career in Reno and relocated to Las Vegas in 1995. In 1999, she started A Fresh Start Law Offices. She was awarded a certificate from The American Bar Association for being one of the first 100 women admitted to the practice of law in Nevada. Bunce was also recognized as the 2008 Bankruptcy Attorney of the Year by the editorial staff of the Consumer Business Review.
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