The bankruptcy discharge will remove the second mortgage as a. of the crammed down mortgage balance during your Chapter 13.
WASHINGTON – 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 homeowners.
Can Bankruptcy "Strip Off" 2nd Mortgage WASHINGTON (Reuters) – The U.S. Supreme Court on Monday handed a win to Bank of America Corp( BAC.N ) by ruling that a second mortgage on an "underwater" home – one with a mortgage balance exceeding its current value – cannot by voided during bankruptcy.
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When property values dropped, homeowners suddenly had no home equity to cover the mortgages now burdening them. The Bankruptcy Code 506 permits a debtor to "lien strip" and remove second and third mortgages if the value of their property is at least $1.00 less than the balance of their first mortgage.
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The ruling, which is also a win for other lenders, stemmed from Chapter 7 bankruptcy cases that involved Florida homeowners and in which the Charlotte-based bank had argued the bankruptcy code does.
In a Chapter 13, the homeowner can strip off the second mortgage lien, making the second mortgage an unsecured debt, and treat the debt like any other unsecured debt (e.g. medical bills and credit cards). Whatever is not paid on the second mortgage debt during the bankruptcy case is discharged.
Home Removing Second Mortgages in Ft. Lauderdale. A Chapter 13 bankruptcy can give you the opportunity to remove a second or even third mortgage.. By filing for Chapter 13, it is possible to strip a second or third lender's lien on your.
Bad credit refinance loans provide an opportunity for subprime borrowers with poor credit scores to get cash out, fix their interest rate or take out a second mortgage and consolidate debt. fha home mortgages are based on compensating factors other than credit scores. Mortgage payment history is critical for qualifying for fha home loans.
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