In Rhode Island, the Bankruptcy Court permits onwers of multi family houses and mobile homes to reduce the amount they owe on their mortgages in a way that few other courts in the United States permit.
I recently have concluded a case for clients who own a multi family house, and through the court, reduced their mortgage balance from $195,000 to $81,500. My office was able to reduce the number of years that these clients will pay off their mortgage in full from 23 years to 4 years. We saved these clients 19 years of mortgage payments.
Anybody who owns a multi family house or mobile home should consider whether they would benefit from such a mortgage reduction as well. My clients have a great feeling that in a few short years they will own their home outright and never need to make a mortgage payment ever again.
