In some cases, you can get rid of second or third mortgages on your home. This is called "lien stripping." Here’s how it works. If you don’t have enough equity in your home to secure the second or more junior mortgages, then the bankruptcy court can "strip" the liens securing the mortgages and reclassify the debt as unsecured.
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It is busily making and enforcing rules governing everything. “ability to pay” the mortgage back. Such a rule sounds good, but it crucially depends on how the CFPB defines “ability to pay.” A.
High court rules 2nd mortgages can’t be voided in bankruptcy Posted by Bryan Kent on 9:16 AM. Email This BlogThis!. High court rules 2nd mortgages can’t be voided in bankruptcy
WASHINGTON — 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.
, the Supreme Court held that Bankruptcy Code 506 does not permit an individual.. The Florida individual debtors in each of the cases sought to void the second-lien mortgages on their homes.. Debtors state that “[a]ccording to ordinary rules of grammar,” in order to be an.. High Yield Debt .
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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" a second loan even if they are underwater on the first loan.