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The two Florida homeowners say that filing for Chapter 7 bankruptcy protection with a first mortgage that is worth more than their property’s value allows them to "strip off" the lien from the second mortgage. When both loans are underwater, the second lien is essentially valueless, the homeowners’ lawyers argue.
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"This is the time of year where older people are often thinking about moving to Florida," DuBois says. "If you have the money and can get the mortgage. opportunity to utilize that space better.
Chapter 13 bankruptcy discharges mortgage debts, and allows homeowners to strip off mortgage liens. Mortgages have two components: a debt and a lien. When the debt is discharged and the lien is wiped out (the technical term is "avoided"), bankruptcy litigators call the mortgage "stripped". Once a mortgage is stripped, it’s as if it doesn’t exist.
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Through a lien strip, the bankruptcy court essentially takes your second mortgage (which is a secured debt where the lender can foreclose on your property if you miss your payments) and converts it to an unsecured debt (just like a credit card debt) by ordering the lender to remove its lien from the property.
(M) “Mortgage Insurance” means insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) “Periodic Payment” means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument.
Chapter 13 bankruptcy offers debtors the opportunity to strip off a wholly unsecured second mortgage on their primary residence. Most courts have held that debtor’s mortgage is stripped from his house when he completes the Chapter 13 plan and gets his Chapter 13 discharge.
Home Foreclosures in 2010 Top 1 Million for First Time police quickly arrested alonzo Long Jr., a relative of the home’s previous owners, but anyone who thought this was a simple homicide case hasn’t spent time in Detroit, where foreclosures. the city.
For some homeowners, however, there may be another option. In bankruptcy it is possible to eliminate second mortgages and lines of credit. That’s right. We call it "stripping off" the mortgage from the property. And if the strip off is successful, the homeowner never pays that loan again. Obviously, this can be of great benefit.