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

This is the first of a four-part series on the evolution of the florida property insurance market. coastal real estate in Florida became a key economic driver on what is probably the most.

You cannot strip off a second mortgage that is partially secured by your equity in the home. If the value of your house is enough to pay even part of your second mortgage out of a sale, it is partially secured, and the court won’t remove the second mortgage through bankruptcy.

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WASHINGTON (AP) – A unanimous Supreme Court says homeowners who declare bankruptcy can’t void a second mortgage even if the home isn’t worth what they owe on the first mortgage. The justices on Monday ruled in favor of Bank of America in two Florida cases where bankrupt homeowners wanted to "strip off" a second loan because they were.

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.

Federal prosecutors in Nevada – home to a record number of foreclosures and plummeting home prices – rank second in the nation for attacking mortgage fraud. in the housing market, mortgage fraud.

*** In Florida Beware of Rescue Mortgage Scams *** In an equity theft scam, the perpetrator will purchase a home that is in foreclosure or distressed / abandoned. The home is then sold to a senior citizen, who takes out a reverse mortgage after occupying the property for 60 days. Once the transaction is completed, the perpetrator will steal the proceeds of the loan.

Consumers Can’t Void Second Mortgage In Bankruptcy, SCOTUS Rules. Monday’s unanimous ruling involved two cases in which Florida homeowners sought to cancel their second mortgages – issued by Bank of America – under the argument that when both primary and subsequent loans are underwater, the second is worthless. The homeowners in the cases were.

Can Individuals "Strip Off" Second Mortgages on Underwater Homes in Chapter 7 Bankruptcy? The Supreme Court to Decide On Monday, November 17, 2014, the U.S. Supreme Court agreed to hear two bankruptcy-related cases that involve issues commonly faced by banks and homeowners with underwater mortgages in chapter 7 cases.

Can Bankruptcy "Strip Off" 2nd Mortgage WASHINGTON (Reuters) – The U.S. Supreme Court on Monday handed a win to Bank of America Corp( BAC.N ) by ruling that a second mortgage on an "underwater" home – one with a mortgage balance exceeding its current value – cannot by voided during bankruptcy.