High court rules 2nd mortgages can’t be voided in bankruptcy

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Bankruptcy may end second mortgage woes. Don Taylor Ph.D. CFA. and that is a high estimate. Could you please give me some advice?. In a Chapter 13 bankruptcy, you establish a court-approved.

The debtors sought bankruptcy protection under Chapter 7 and asked the court to void (or "strip off") the second mortgages. The bankruptcy court granted the motions. Bank of America appealed to the U.S. 11th Circuit Court of Appeals in Atlanta, which upheld the bankruptcy judge’s decisions.

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In some cases, you can get rid of second or third mortgages on your home. This is called "lien stripping." Here’s how it works. If you don’t have enough equity in your home to secure the second or more junior mortgages, then the bankruptcy court can "strip" the liens securing the mortgages and reclassify the debt as unsecured.

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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. 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.

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How long does Chapter 7 bankruptcy last? What will my life look like during bankruptcy? High court rules 2nd mortgages can’t be voided in bankruptcy June 2, 2015 WASHINGTON (6/2/15)–Homeowners cannot void a second mortgage using bankruptcy protection, the Supreme Court ruled Monday.

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.

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. The justices ruled in two Florida cases that bankrupt homeowners can’t "strip off&q.

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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.