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.
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.
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As discussed earlier, only Chapter 13 allows homeowners to strip second mortgage liens. In order to strip a second mortgage, the Bankruptcy Code ( Section 1322(b)(2) ) requires that the lien be 100% unsecured, meaning the first mortgage balance is more than the home’s fair market value.
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Homeowners can still get rid of a second mortgage lien through a Chapter 13 bankruptcy, if the value of their property is less than they owe on their first mortgage.
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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The justices ruled in two Florida cases that bankrupt homeowners can’t "strip off" a second loan even if they are underwater on the first loan. Both cases involved property owners who were allowed.
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.
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