High court rules 2nd mortgages can’t be voided in bankruptcy

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 they are underwater on primary loans.

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WASHINGTON (AP) – 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. The justices ruled in two Florida cases that bankrupt homeowners can’t "strip off&q.

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Lien stripping is a Chapter 13 bankruptcy tool that allows people who are upside down (meaning your mortgage exceeds the value of your house) on their house to get rid of their junior liens such as second or third mortgages. Through a lien strip, the bankruptcy court essentially takes your second mortgage (which is a secured debt where the.

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You can’t afford to leave. to support reforming our bankruptcy rules so that we allow judges to reduce home mortgages on primary residences to their fair market value – as long as borrowers pay.

Here is a snapshot of Omega’s top operators: Orianna (also known as Four West Holdings) voluntarily filed Chapter 11 in US Bankruptcy Court. and three mortgages for approximately $98 million in net.

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You can’t be sued after Chapter 7 for your second mortgage, but you still owe if you want to own your home outright.. After bankruptcy, do I owe on 2nd mortgage? justin harelik @westgate_law .

Consumers Can’t Void Second Mortgage In Bankruptcy, SCOTUS Rules. According to the bank, there remains a possibility that the second loan would be repaid if the property’s value rose in the future. The company also claimed that after the Circuit Court ruling, hundreds – if not thousands – of struggling homeowners had moved to nullify their second loans, the AP reports.

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