Because the GOP plan limits some popular deductions such as the home mortgage interest tax break. which would be limited to $10,000. Some homeowners facing property tax bills that exceed $10,000.
Can Bankruptcy "Strip Off" 2nd Mortgage WASHINGTON (Reuters) – The U.S. Supreme Court on Monday handed a win to Bank of America Corp( BAC.N ) by ruling that a second mortgage on an "underwater" home – one with a mortgage balance exceeding its current value – cannot by voided during bankruptcy.
When property values dropped, homeowners suddenly had no home equity to cover the mortgages now burdening them. The Bankruptcy Code 506 permits a debtor to "lien strip" and remove second and third mortgages if the value of their property is at least $1.00 less than the balance of their first mortgage.
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A growing number of homeowners have the opportunity to erase that cost. "Interest has been off the charts," said Todd Louis, vice president of Tommy Williams Homes, the Florida-based building.
Mortgage fraudsters plead guilty to $10M scheme in South Florida – MiamiBeachCondoLife Four Plead Guilty to Defrauding Lenders in Florida Scheme.. The pleas are the result of an investigation into mortgage fraud regarding two properties in the Versailles subdivision of Wellington, Fla.. The fraud scheme resulted in more than $3 million in losses to three banks.
Lien Stripping Second Mortgage in Chapter 7- Florida. The net result is that debtors in Chapter 7 cases can be discharged of all the debt and strip off the lien of the second mortgage to the extent that it is wholly unsecured, in other words that the fair market value of the property is less than the amount owing on the first mortgage.
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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.
Head-To-Head Review: Bimini Capital Managment (BMNM) vs. PennyMac Mortgage Investment Trust (PMT) We intend to elect and qualify to be taxed as a real estate investment trust, or REIT, Investment Trust; references to "PCM" refer to pnmac capital management, LLC, in the residential mortgage business and related areas, lead the day-to-day. PCM has reviewed over 60 portfolios with a face value of over $100 billion.
All debtors attorneys are hopeful for a favorable ruling to allow debtors to strip a second mortgage in chapter 7 and be able to avoid the monthly chapter 13 plan payment. Call 407-749-0080 bow for a free consultation to determine if your second mortgage may be wiped away.