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.
Lien Stripping Second Mortgage in Chapter 7- Florida. The net result is that debtors in Chapter 7 cases can be discharged of all the debt and strip off the lien of the second mortgage to the extent that it is wholly unsecured, in other words that the fair market value of the property is less than the amount owing on the first mortgage.
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Now you may be able to strip off a second or third mortgage in a Chapter 7 bankruptcy. To see if you qualify you should consult with an experienced Orlando bankruptcy attorney. The new case may help struggling Florida homeowners who may not have been able to afford a Chapter 13 bankrutpcy.
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Second Mortgage in Bankruptcy Chapter 7. As discussed in the start, chapter 7 bankruptcy cannot strip off your second mortgage lien. And you can only ignore it for the time being. There is a common misconception that chapter 7 bankruptcy wipes off the second mortgage liens on the property after discharge. But this is, in fact, not true.
The bankruptcy discharge will remove the second mortgage as a. of the crammed down mortgage balance during your Chapter 13.
Since the value of the home is less than the amount owed on the first mortgage the homeowner could strip off the second mortgage and never pay it again. If successful the homeowner would end up with a home that is still a bit underwater (only $10,000), but not the $110,000 he or she was underwater before filing bankruptcy.
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For a homeowner with multiple mortgages, a Chapter 13 bankruptcy can be. To strip a second mortgage, it must be wholly unsecured.. You are upside-down, so all junior mortgages can be stripped off the.. The meeting is an opportunity to confirm the information included in. File Bankruptcy in Florida.
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