Strip Off: When Bankruptcy and a Second Mortgage Are an Opportunity for Florida Homeowners

How to Strip a Second Mortgage or HELOC in Chapter 13 One plus to filing for Chapter 13 bankruptcy is that you may be able to get rid of second or third mortgages on your home or get rid of home equity loans or home equity lines of credit (also known as HELOCs). Eliminating these loans is called lien stripping.

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.

Second Mortgage in Bankruptcy Chapter 7. As discussed in the start, chapter 7 bankruptcy cannot strip off your second mortgage lien. And you can only ignore it for the time being. There is a common misconception that chapter 7 bankruptcy wipes off the second mortgage liens on the property after discharge. But this is, in fact, not true.

Update: On June 1, 2015, the Supreme Court of the United States held in Bank of America, N.A. v. Caulkett that a debtor (bankruptcy filer) cannot strip off a junior mortgage lien in a Chapter 7 case. You can view the case here.. If you file for Chapter 7 bankruptcy, you cannot get rid of second mortgages, home equity lines of credit (HELOCs), or home equity loans.

Now you may be able to strip off a second or third mortgage in a Chapter 7 bankruptcy. To see if you qualify you should consult with an experienced Orlando bankruptcy attorney. The new case may help struggling Florida homeowners who may not have been able to afford a Chapter 13 bankrutpcy.

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WASHINGTON (AP) – Nov. 17, 2014 – The Supreme Court said Monday it will decide whether homeowners who declare bankruptcy can void a second mortgage if the home’s market value has dropped below the amount they owe on the first mortgage. The justices will consider two appeals from Bank of America, which asserts that bankrupt homeowners should not be able to "strip off" a second loan even if.