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

In August 2007, only weeks after Premier sought bankruptcy court protection, the FHA granted Paramount a license to issue government-backed mortgages. he encourages buyers to purchase condos they.

The high court said that the second mortgage may not be voided if it is not a disallowed secured claim as defined under Section 502 of the Bankruptcy Code. Both parties in the case agreed that Bank of America’s claims were not disallowed under that provision.

In Bank of America, N.A. v. Caulkett, Case No. 13-1421 (June 1, 2015), the United States Supreme Court ruled that a second mortgage on an an "underwater" home – one with a mortgage balance exceeding its current value – cannot be voided during bankruptcy.

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Felderstein, who has represented state agencies in bankruptcy courts around the country, said a judge is usually assigned to mediate to get most, if not all, parties to a consensus. The bankruptcy.

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Eleventh Circuit Allows Homeowner to Void Second Lien in chapter 7 generally, second (or third, etc.) unsecured liens can be stripped off only in Chapter 13. However, the Eleventh Circuit has not allowed a strip-off (complete wipe out) of an unsecured junior lien in Chapter 7 (as opposed to Chapter 13).

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 they owe.

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High Court: Underwater Homeowners Can’t Void Second Mortgage in Bankruptcy. Practice gained prominence after real-estate bubble burst. Updated June 1, 2015 3:24 p.m. In a win for banks, the U.S.’s top court Monday ruled that underwater homeowners can’t get rid of a second mortgage by filing for bankruptcy protection.

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Stripping a second mortgage in Chapter 7 bankrutpcy 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.