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.
Stripping off your second or subsequent mortgage can provide valuable savings that can mean the difference between losing your house to foreclosure or keeping your family in your home. We Can Help You Navigate This process.
Would Recommend Royal United Mortgage Without Hestitation – Royal United Mortgage LLC Would Recommend Royal United Mortgage Without Hestitation – Royal United Mortgage LLC The loan process went very smooth and Chris was always available when we needed him. The closing was quick and efficient and funding arrived in a very short time from closing date.
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A bankruptcy remote entity is a special-purpose vehicle (or special purpose entity) ("SPV") that is formed to hold a defined group of assets and to protect them from being administered as property of a bankruptcy estate. An extra Mortgage Vs.
As discussed earlier, only Chapter 13 allows homeowners to strip second mortgage liens. In order to strip a second mortgage, the Bankruptcy Code ( Section 1322(b)(2) ) requires that the lien be 100% unsecured, meaning the first mortgage balance is more than the home’s fair market value.