Loan strip bankruptcy
In Chapter 13 bankruptcy, you can get rid of a junior mortgage lien if the value of You can strip a junior mortgage (and the associated lien) if the house is worth.
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Description:Share on Facebook In Chapter 13 bankruptcy , some homeowners may be able to get rid of a second mortgage or home equity line of credit HELOC in certain circumstances. This mortgage deficiency may be the cause of a foreclosure or short sale , and the homeowner may be liable to pay this deficiency back to the lender. If the value of your house has gone done substantially and you have a second mortgage or a HELOC, a Chapter 13 bankruptcy may enable you remove this lien from your home and reduce the amount that you owe. You can demonstrate this by getting a professional appraisal of your home before you file bankruptcy. The appraisal must show that the fair market value of your house is so low that if your house were sold there would not be enough money after paying the first mortgage to pay anything to the second mortgage holder. Because the second mortgage is no longer secured, you can strip it off.