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 Wall Street Journal reports that the Supreme Court ruled in favor of banks when it came to determining that struggling homeowners can’t get rid of a second mortgage using chapter 7 bankruptcy.
When Bankruptcy and a Second Mortgage Combine Into an Opportunity for florida homeowners july 26, 2012 by FlaglerLive 1 Comment Your house may be under water. Your options aren’t, thanks to a.
In bankruptcy, specifically a Chapter 13, we can strip a second mortgage. But the court cannot require a first mortgage company on a primary home to reduce the principal balance on their home. Implying otherwise, is simply misleading and inaccurate.
The Chapter 13 bankruptcy does give you an opportunity, however, to pay off. Second and third mortgages, and home equity loans and HELOCs, on the other hand, However, if you live in Alabama, Florida, or Georgia, you might be able to.
Chapter 13 bankruptcy might be able to help you. Call Oaktree Law and speak with a Los Angeles bankruptcy attorney!. How to Get Rid of Second Mortgage Debt;
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But there is motion pending right now in a Chapter 7 bankruptcy. All debtors attorneys are hopeful for a favorable ruling to allow debtors to strip a second mortgage in chapter 7 and be able to avoid the monthly chapter 13 plan payment. Call 407-749-0080 bow for a free consultation to determine if your second mortgage may be wiped away.
The bankruptcy discharge will remove the second mortgage as a. of the crammed down mortgage balance during your Chapter 13.
If the supreme court disagrees with Bank of America, homeowners across the country may soon be able to strip second mortgage as well. If you are experiencing financial difficulty and are considering bankruptcy, contact our experienced bankruptcy attorneys here for a free consultation and learn how you can strip second mortgage if needed.
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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.