High court rules 2nd mortgages can’t be voided in bankruptcy
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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 justices.
In Bank of America, N.A. v. Caulkett, Case No. 13-1421 (June 1, 2015), the United States Supreme Court ruled that a second mortgage on an an "underwater" home – one with a mortgage balance exceeding its current value – cannot be voided during bankruptcy.
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Eleventh Circuit Allows Homeowner to Void Second Lien in Chapter 7 Generally, second (or third, etc.) unsecured liens can be stripped off only in Chapter 13. However, the Eleventh Circuit has not allowed a strip-off (complete wipe out) of an unsecured junior lien in Chapter 7 (as opposed to Chapter 13).
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.
Under U.S. law, their loan obligations can rarely be discharged in bankruptcy, making them more onerous than credit-card debt or subprime mortgages. told him he can’t qualify for financial aid.
The Old Post Office Pavilion. of bankruptcy in June and the 776-acre kluge estate Winery and Vineyard, outside Charlottesville, for $6 million at a bank auction last year after it was foreclosed on.
Bankruptcy may end second mortgage woes. don Taylor Ph.D. CFA. and that is a high estimate. Could you please give me some advice?. In a Chapter 13 bankruptcy, you establish a court-approved.
High Court: ‘Underwater’ homeowners can’t void second mortgage By Jeramy Gordon June 01, 2015 The united states supreme court ruled monday, June 1, 2015, that bankruptcy courts cannot void a second mortgage for struggling homeowners even if the first mortgage is greater than the value of the home.
Chapter 13 Bankruptcy and Your Mortgage. Chapter 13 bankrupcy does not affect your home mortgage. You continue to make your mortgage payments during and after the bankruptcy. If you are behind in mortgage payments, you can pay off the arrears through your Chapter 13 repayment plan (which lasts three to five years).