U.S. Supreme Court Rules Against Debtors in Second Mortgage Cases. The debtors sought bankruptcy protection under Chapter 7 and asked the court to void (or "strip off") the second mortgages. The bankruptcy court granted the motions. Bank of America appealed to the U.S. 11th Circuit Court of Appeals in Atlanta,
WASHINGTON (AP) – 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.
WASHINGTON – 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.
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Rules mandate that all insolvency proceedings must be completed within 270 days, but the tribunal is under-resourced and vulnerable to delaying tactics. When Essar Steel entered bankruptcy court in.
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.
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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.
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WASHINGTON (11/18/14)–The nation’s highest court is going to scrutinize whether or not a second mortgage on an underwater house can be voided during bankruptcy proceedings, according to a report from Reuters. The Supreme Court agreed Monday to hear two cases from Bank of America.