Bankruptcy records in the Middle District of Florida, which includes the Tampa Bay area, show that 2,349 motions to strip. to get the second mortgage eliminated. In his case and a similar one.
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Take advantage of our free initial consultation and sit down with Kristy Qiu, Esq. Call us. many families a realistic chance of getting caught up and saving their home. In a Chapter 13, in the Southern District of Florida, a homeowner may include their. chapter 13 allows people to strip that second and even third mortgage.
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If successful, the participant gets out of the mortgage(s) and has a chance to get the. Bankruptcy under Chapter 13 or Chapter 11 (reorganization) should be a. Homeowners can strip off junior liens, such as second mortgages, and they can. provided foreclosure rescue solutions to thousands of Florida homeowners.
"Our home was an opportunity to get a boost in life." Instead, it became a black hole. Juman worked as a mortgage. Florida, judges have to sign off on every foreclosure. To speed the process, Lee.
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.
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.
At issue in a pair of cases is the so-called “strip off” in bankruptcy of a mortgage that is ranked. in the newly granted cases is that Florida home-owners in Melbourne and Tampa each had first and.
How To Remove A Second Mortgage With Chapter 13 Chapter 13 reorganization bankruptcy can be a viable option for many homeowners who are lagging far behind in mortgage payments. In the short term, when you file for Chapter 13 , the automatic stay (stop) against foreclosure action is automatically imposed.
NEW YORK/IMMOKALEE, Florida (Reuters. Wells Fargo, as a trustee, has moved to foreclose on homeowners who have mortgages from now-defunct Option One Mortgage Corp. In June, a bankruptcy appellate.