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

Local Real Estate Market Update April 2016 Mortgage Masters Group

The Answer is Yes in the Middle District of Florida. The Debtor argued that since the second mortgage was wholly unsecured, it was void under section 506(d) of the U.S. Bankruptcy Code. The Debtor’s Motion was denied, holding that a wholly unsecured second mortgage could not be "stripped off" using section 506(d). The Debtor appealed the ruling.

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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).

Your 2nd Mortgage or Home Equity Line of Credit – Heloc. If you have filed a chapter 7 bankruptcy, then the Chapter 7 discharges the Loan or Promissory Note, which means that the mortgage company or lending bank cannot collect money from you directly. They cannot sue you, garnish your wages, levy your bank account, or even ask you for money or anything like that.

How dirty is Miami real estate? Secret home deals dried up when feds started watching But a temporary rule imposed in early 2016 by the U.S. Treasury Department on Miami-Dade County and Manhattan, two of the nation’s most attractive real estate markets to dark money, began to strip away that kind of secrecy.

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.

As a Florida consumer bankruptcy attorney, we have been able to remove and strip off second mortgages due to the 11th Circuit’s decision in McNeal a couple years back. It is the only Circuit in the country that allows for a second mortgage lien to be stripped from homestead property.

WASHINGTON | 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.