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

Chapter 13 bankruptcy discharges mortgage debts, and allows homeowners to strip off mortgage liens. Mortgages have two components: a debt and a lien. When the debt is discharged and the lien is wiped out (the technical term is "avoided"), bankruptcy litigators call the mortgage "stripped". Once a mortgage is stripped, it’s as if it doesn’t exist.

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But a recent ruling by a federal court is giving Florida homeowners a window of opportunity to strip off a second mortgage, argues consumer attorney Lewis Roberts.

Your ability to discharge a home equity loan in bankruptcy depends on two critical factors: which chapter of bankruptcy you file and the home’s fair market value. If you file for Chapter 7 protection, your chances are nil if you want to keep the property.

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But the greatest impact may come when homeowners decide to sell. After Oct. 1, the government plans to strip away any perceived subsidy. He may do the same with the fish plant once the mortgage is.

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Because the second mortgage is no longer secured, you can strip it off. You cannot strip off a second mortgage that is partially secured by your equity in the home. This means that if the value of your house is enough that even part of your second mortgage would be paid out of a sale, it is partially secured and the second mortgage cannot be removed through bankruptcy.

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Since the value of the home is less than the amount owed on the first mortgage the homeowner could strip off the second mortgage and never pay it again. If successful the homeowner would end up with a home that is still a bit underwater (only $10,000), but not the $110,000 he or she was underwater before filing bankruptcy.

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