Lien strip 2 home mortgage california
Few people are familiar with the term lien stripping. Therefore, an example of when lien stripping would be utilized can be illustrated through the following example of insufficient equity. In summary, the possibilities are endless, but the facts are simple, there is not enough to pay everyone what they expected to receive. Insufficient equity to fully pay off creditors is a common occurrence with problem assets that are placed into bankruptcy or receivership proceedings. Therefore, a process called lien stripping is used to allow a bankruptcy trustee or court receiver to sell an over encumbered property free and clear of liens. City of Sierra Madre v.
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Can I Get Rid of Second Mortgages and Liens in Chapter 7 Bankruptcy?
Equity Stripping Leaves Creditors Empty-Handed
The housing economy is still struggling in California. Many homeowners have needed to take out second and sometimes third mortgages to afford their home. But what happens if the market drops and a homeowner finds him or herself underwater? The Law Office of Raymond J.
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Can I Eliminate My Second Mortgage in Bankruptcy?
By Baran Bulkat , Attorney. If your house has gone down in value since you bought it, a Chapter 13 bankruptcy may help you to get rid of your second mortgage. Lien stripping is a Chapter 13 bankruptcy tool that allows people who are upside down meaning your mortgage exceeds the value of your house on their house to get rid of their junior liens such as second or third mortgages. 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.
This post brings you up to speed on the good news for debtors in the BAP case. A bit of background will help to put the case into its proper perspective. If you are new to bankruptcy practice, and have given the Bankruptcy Code a cursory glance, you might think I am out of my mind referring to a Chapter 20 bankruptcy in the tile to this post. Whether or not I am out of my mind is best left to the many voices in my head to determine.
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