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

He was laid off. Florida-based foreclosure consultant companies sued in June on allegations they took more than $7,500 from Hoosier homeowners and did not provide services or refunds. Vosti said of.

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.

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Erase your second mortgage and the only debts you should pay in bankruptcy Stripping off your second or subsequent mortgage can provide valuable savings that can mean the difference between losing your house to foreclosure or keeping your family in your home. We Can Help You Navigate This process.

At issue in a pair of cases is the so-called “strip off” in bankruptcy of a mortgage that is ranked. in the newly granted cases is that Florida home-owners in Melbourne and Tampa each had first and.

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"We felt we had little choice but to take the second offer. in Pennsylvania and Florida as more cities grapple with the issue, said Douglas Robinson, a spokesman for NeighborWorks America, a.

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.

But there is motion pending right now in a Chapter 7 bankruptcy. All debtors attorneys are hopeful for a favorable ruling to allow debtors to strip a second mortgage in chapter 7 and be able to avoid the monthly chapter 13 plan payment. Call 407-749-0080 bow for a free consultation to determine if your second mortgage may be wiped away.

The two Florida homeowners say that filing for Chapter 7 bankruptcy protection with a first mortgage that is worth more than their property’s value allows them to "strip off" the lien from the second mortgage. When both loans are underwater, the second lien is essentially valueless, the homeowners’ lawyers argue.