Tuesday, April 16, 2013

Owners of Multi Family Homes and Mobile Homes Can Reduce Their Mortgage Balances

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.