In bankruptcy, specifically a Chapter 13, we can strip a second mortgage. But the court cannot require a first mortgage company on a primary home to reduce the principal balance on their home. Implying otherwise, is simply misleading and inaccurate.
Strip Off: When Bankruptcy and a Second Mortgage Are an Opportunity for Florida Homeowners While this decision comes as no surprise, it will undoubtedly have an effect on bankruptcy filings. Specifically, debtors can still seek refuge in Chapter 13 bankruptcy proceedings to strip off a second mortgage.
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WASHINGTON (AP) – Nov. 17, 2014 – The Supreme Court said Monday it will decide whether homeowners who declare bankruptcy can void a second mortgage if the home’s market value has dropped below the amount they owe on the first mortgage. The justices will consider two appeals from Bank of America, which asserts that bankrupt homeowners should not be able to "strip off" a second loan even if.
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Any change to a payment plan for a person in bankruptcy is. with Wells Fargo Home Mortgage Asset Management, to lead the organization’s effort to mitigate the threat that vacant and abandoned.
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.
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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