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

Florida Home Loans News

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

WASHINGTON (AP) – A unanimous Supreme Court ruled Monday that homeowners who declare bankruptcy can. they owe on the primary mortgage. The justices ruled in two Florida cases that bankrupt.

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2018-11-17  · The Supreme Court, taking on a bankruptcy issue that grew out of the collapse of the U.S. housing market, agreed on Monday to sort out when a mortgage debt on a home that has lost its value can be completely wiped out. At issue in a pair of cases is the so-called “strip off” in bankruptcy

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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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Stripping off 2nd mortgage in Chapter 7 bankruptcy Bankruptcy Fees; Bankruptcy Videos; FAQs; Bankruptcy Services. Chapter 7 Bankruptcy. Qualifying for Chapter 7; means test; chapter 13 Bankruptcy. Qualifying for Chapter 13; Stripping a Second Mortgage; Chapter 13 for Small Business Owners; Differences Between Chapter 7 & 13; Foreclosure Defense. Real Estate and Bankruptcy; Florida Foreclosure.

Second and third mortgages, and home equity loans and HELOCs, on the other hand, may be treated differently in a Chapter 13 bankruptcy under certain circumstances. Specifically, if your home value has declined, and your equity no longer covers the first mortgage, then your other mortgages are no longer "secured.".

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As discussed earlier, only Chapter 13 allows homeowners to strip second mortgage liens. In order to strip a second mortgage, the Bankruptcy Code ( Section 1322(b)(2) ) requires that the lien be 100% unsecured, meaning the first mortgage balance is more than the home’s fair market value.

Homeowners in north & central Florida are now facing foreclosure and have little or. Mediation is your opportunity to come face to face with a decision maker for your. A Chapter 13 bankruptcy will allow you to pay your normal monthly mortgage. may allow you to remove or “strip off” a second mortgage from your home.

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