The Supreme Court on Monday handed Bank of America a victory by ruling that people with second. homeowners when their property was worth less than their main mortgage. The ruling has significant.
Personal Responsibility. Chapter 7 bankruptcy eliminates your personal responsibility on the mortgage loan. As a practical matter, this means bankruptcy can eliminate any potential for the lender to collect a deficiency judgment against you. The lender’s only recourse after.
In chapter 13 bankruptcy, some homeowners can get rid of a second mortgage or home equity line of credit (HELOC) in a procedure known as "lien stripping." Keep in mind that lien stripping was more common during the foreclosure crisis when the real estate market was in decline.
Say you owe $75,000 on the second mortgage, file chapter 7 bankruptcy, and pay them nothing for three years. If the value of your house is still less than you owe on the first, and you offer them $7000 to call it even, they might agree. If you move out, they get nothing. That strategy takes nerves of steel.
Even if your lender is impressed by your salary and pristine history of paying off debt, no preapproval is a guarantee that a mortgage will be approved. “This is a good opportunity to ask the.
Home Refinance Loan Made Easy – Royal United Mortgage LLC Strip Off: When Bankruptcy and a Second Mortgage Are an Opportunity for Florida Homeowners Foreign Buyers Spent $8.7B in South florida housing purchases In 2012, Florida had the largest number of international buyers at 23 percent, followed by California at 17 percent, Arizona and Texas both at 9 percent and New York at 3 percent. According to the National Association of Realtors, about half of 2012’s foreign buyers purchased.
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.
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by Daniel Fisher 3/24/15. A case to decide whether homeowners can erase underwater second mortgages through bankruptcy quickly turned into a debate over whether the U.S. Supreme Court should overturn the precedent that raised the issue in the first place.