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.
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The U.S. Supreme Court has handed a win to Bank of America Corp by ruling that a second mortgage on an underwater home – one with a mortgage balance exceeding its current value – cannot by voided during bankruptcy.
When property values dropped, homeowners suddenly had no home equity to cover the mortgages now burdening them. The Bankruptcy Code 506 permits a debtor to "lien strip" and remove second and third mortgages if the value of their property is at least $1.00 less than the balance of their first mortgage.
High court rules 2nd mortgages can’t be voided in bankruptcy In a rare, unanimous decision, the high court sided with mortgage lenders, saying bankruptcy courts are not allowed to "strip off" secondary, or junior, mortgages, such as home equity lines of credit , even if the junior mortgage is completely underwater. The Bank of America v.
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While this decision comes as no surprise, it will undoubtedly have an effect on bankruptcy filings. Specifically, debtors can still seek refuge in Chapter 13 bankruptcy proceedings to strip off a second mortgage. This decision will likely divert many debtors from Chapter 7 and may result in a rise in Chapter 13 filings.
How To Get Home Loans for Veterans: A Step-By-Step Guide – New Florida Mortgage The main draw of a VA mortgage is that they make it easier to get financing by offering no down-payment loans and more lenient credit and income requirements than conventional mortgages.
The average rate for a 30-year fixed mortgage fell .1%, going from 4.22% to 4.12%, while the average rate for a 15-year fixed mortgage changed from 3.39% to 3.33%. These are the lowest rates on records dating back to 1971 and 1991 respectively, but economists say.