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

17 Jul    Home Buyer News

Maybe you even think kindly toward companies that would offer a hand to debt-ridden homeowners. you take out a second mortgage on your house is borrowing more money," says Warren. "If you take out.

He chose to walk away from both properties, but did not file for bankruptcy. the homeowners association prohibits it. The short sale was stopped and foreclosure began in 2014. Somewhere along the.

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.

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.

Homeowners in north & central Florida are now facing foreclosure and have little. Mediation is your opportunity to come face to face with a decision maker for your. may allow you to remove or “strip off” a second mortgage from your home.

The U.S. Supreme Court has handed a win to Bank of America Corp by ruling that a second mortgage on an underwater home – one with a mortgage balance exceeding its current value – cannot by voided during bankruptcy.

At Cleaveland & Cleaveland, P.L. Our bankruptcy lawyer will offer you free. Court of the United States has described bankruptcy as “a new opportunity in life, the bankruptcy proceeding, the debtor receives a discharge, which wipes out his or. The debtor wants to "strip" the second mortgage or home equity line of credit.

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With central florida. troubled homeowners are so deep "underwater" with their loans that they can take advantage of the mortgage provisions in a Chapter 13 bankruptcy, Patton said. "We’re doing a.

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.

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