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

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similar to those in our model, reducing homeowners' mortgage payment.. Second, compared with homeowners who went into foreclosure without filing for.. 6 Of the nation's 50 states, only 15 disallow nonjudicial foreclosure; they are Connecticut, Delaware, Florida, The Effect of Bankruptcy Strip-Down on Mortgage.

(D. md. 1998). ii. strip off: removes a wholly unsecured lien in its entirety (i.e., voids a lien.. bankruptcy court for the Middle District of Florida. ii. At the time he filed for bankruptcy, Debtor's home was subject to two mortgage liens. 1. The debt. The second mortgage, which was held by Bank of America, had a value of over.

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Many homeowners have no idea that in a Chapter 13 Bankruptcy Case, a second mortgage or HELOC can be legally stripped off of the home and discharged. Many clients I meet in my Orlando.

The American Opportunity Credit allows people to claim. $80,000 or $160,000 for married couples filing jointly. Any interest homeowners are paying for a home loan, a second mortgage or a line of.

Can Individuals "Strip Off" Second Mortgages on Underwater Homes in Chapter 7 Bankruptcy? The Supreme Court to Decide On Monday, November 17, 2014, the U.S. Supreme Court agreed to hear two bankruptcy-related cases that involve issues commonly faced by banks and homeowners with underwater mortgages in Chapter 7 cases.

One of the great benefits of a Chapter 13 case (and, as discussed. ability to ” strip,” or remove, a second or junior lien from your house if. line of credit, and can focus on paying off only the first mortgage.. The appraisers will have the opportunity to justify their value and critique the other side's appraisal.

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. This decision will likely divert many debtors from Chapter 7 and may result in a rise in Chapter 13 filings.

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