Strip Off: When Bankruptcy and a Second Mortgage Are an Opportunity for Florida Homeowners

The most ambitious federal mortgage program to date aimed at millions of underwater homeowners is poised to take off in the coming two weeks. the so-called “HARP 2.0” – the second version of the.

Whether you can strip a second mortgage in chapter 20 bankruptcy depends on where you live. The following states ALLOW Chapter 20 second mortgage strips: alabama , Florida , Georgia (Wells Fargo v.

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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.

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.

Many homeowners have no idea that in a Chapter 13 Bankruptcy Case, a second mortgage or HELOC can be legally stripped off of the home and discharged. Many clients I meet in my Orlando.

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.

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If you’re wondering how being late on your mortgage payment will affect your credit score. completes a short sale with a deficiency balance, foreclosure or bankruptcy. The second chart clarifies.

How to Pay Off Second Mortgages at a Discounted Rate by Roy Oppenheim Consumers Can’t Void Second Mortgage In Bankruptcy, SCOTUS Rules 6.1.15 2:44 PM EDT By Ashlee Kieler @akieler It’s Your Loan – Deal With It scotus supreme court bank of america loans mortgage.

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Before this case was decided, before homeowners could only strip off their second mortgage in a Chapter 13 bankruptcy if their house was worth less than what they owed on the first mortgage balance. The client would file a Chapter 13 bankruptcy and then file a motion to wipe out the second mortgage as part of the plan.

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