But a recent ruling by a federal court is giving Florida homeowners a window of opportunity to strip off a second mortgage, argues consumer attorney Lewis Roberts.
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According to recent statistics, there are 342,000 community associations (including homeowners. “strip” the pre-bankruptcy lien on assessments, if the owner can prove that the value of the property.
Your 2nd Mortgage or home equity line of Credit – Heloc. While it is true that you may be able to strip these off of your home in a Chapter 13,. Is there any chance our second mortgage bank (which was National city and.
Because the second mortgage is now unsecured, it can be stripped off during bankruptcy, thus eliminating the homeowner’s liability to pay this second mortgage. In the past, many jurisdictions only permitted individuals to strip second mortgages during Chapter 13 bankruptcies, which is the form of consumer bankruptcy in which the debtor is subject to a repayment plan of three to five years.
Bankruptcy records in the Middle District of Florida, which includes the Tampa Bay area, show that 2,349 motions to strip. to get the second mortgage eliminated. In his case and a similar one.
13:15 ET Subscribe to our weekly e-newsletter, Top News. Supreme Court: Bankrupt homeowners can’t ‘strip off’ second mortgages. In a victory for lenders, the U.S. Supreme Court has ruled that homeowners can’t "strip off" a second mortgage in a bankruptcy proceeding if the loan is wholly underwater.
Caulkett and Toledo-Cardona had both won before the regional appeals court that oversees Florida. The 11th U.S. Circuit Court of Appeals had ruled that homeowners in chapter 7 bankruptcy can void – or.
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WASHINGTON, Nov 17 (Reuters) – The U.S. Supreme Court agreed on Monday to hear two cases brought by Bank of America. Appeals ruled that homeowners in Chapter 7 bankruptcy can void – or in.
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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.