High court rules 2nd mortgages can’t be voided in bankruptcy

High Court: Underwater Homeowners Can’t Void Second Mortgage in Bankruptcy. Practice gained prominence after real-estate bubble burst. Updated June 1, 2015 3:24 p.m. In a win for banks, the U.S.’s top court Monday ruled that underwater homeowners can’t get rid of a second mortgage by filing for bankruptcy protection.

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WASHINGTON (AP) – A unanimous Supreme Court says homeowners who declare bankruptcy can’t void a second mortgage even if the home isn’t worth what they owe on the first mortgage. The justices on Monday ruled in favor of Bank of America in two Florida cases where bankrupt homeowners wanted to "strip.

Chapter 7 Bankruptcy: discharge of 2nd mortgage There is obviously little concern with the primary lender in the question, but it is not clear that the proposed or pending sale of this house will sufficiently cover that particular loan.

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.

Washington – A unanimous Supreme Court says homeowners who declare bankruptcy can’t void a second mortgage even if the home isn’t worth what they owe on the first mortgage. The justices on Monday ruled in favor of Bank of America in two Florida cases where bankrupt homeowners wanted to "strip off" a second loan because they were underwater on the primary mortgage.

WASHINGTON (AP) – 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.

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Contents Irma: 3.14 million mortgaged mortgage real estate agents bear river golfers class brokers study Real estate developers High court rules 2nd mortgages can’t be voided in bankruptcy Under U.S. law, their loan obligations can rarely be discharged in bankruptcy, Read more.

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