Home Buyer News

Strip Off: When Bankruptcy and a Second Mortgage Are an Opportunity for Florida Homeowners

Yale Law School’s Mortgage. to homeowners and first mortgage holders, and that homeowners would be able to stay in their homes if they were allowed to strip off second mortgages that had no value.

More and more homeowners are having difficulties meeting their mortgage. up on past-due mortgage arrearages and strip off “underwater” second mortgages.. For a homeowner who has no realistic chance or desire to “save the house”,. New Hampton, Florida, Highland Mills, Sugar Loaf, Campbell Hall, Maybrook,

How long does Chapter 7 bankruptcy last? What will my life look like during bankruptcy? The bankruptcy. Second, in any event, if a court determines that a Section 503(b)(9) claim did not meet the required elements for such a claim, then the general bar date indisputably applies to the.

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On a unanimous vote, the court ruled against two homeowners. that oversees Florida. The 11th U.S. Circuit Court of Appeals had ruled that homeowners in Chapter 7 bankruptcy can void – or in.

WASHINGTON – A unanimous Supreme Court ruled Monday that homeowners who declare bankruptcy can’t void a second mortgage even if the home isn’t worth what they owe on the primary mortgage.

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Through a lien strip, the bankruptcy court essentially takes your second mortgage (which is a secured debt where the lender can foreclose on your property if you miss your payments) and converts it to an unsecured debt (just like a credit card debt) by ordering the lender to remove its lien from the property.

Lien Stripping Second Mortgage in Chapter 7- Florida. an opinion ruling that debtors in a Chapter 7 bankruptcy can "strip off" the lien of a second mortgage if the fair market value of the underlying property is less than the outstanding amount of the first mortgage. For homeowners residing.

both won before the regional appeals court that oversees Florida. The 11th U.S. Circuit Court of Appeals ruled that homeowners in Chapter 7 bankruptcy can void – or in bankruptcy terms “strip off” – a.

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Because the second mortgage is now unsecured, it can be stripped off during bankruptcy, thus eliminating the homeowner’s liability to pay this second mortgage.

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