Strip Off: When Bankruptcy and a Second Mortgage Are an Opportunity for Florida Homeowners

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(D. Md. 1998). ii. strip off: removes a wholly unsecured lien in its entirety (i.e., voids a lien.. Bankruptcy Court for the Middle District of Florida. ii. At the time he filed for bankruptcy, Debtor's home was subject to two mortgage liens. 1. The debt. The second mortgage, which was held by Bank of America, had a value of over.

Eliminating Second Mortgage Debt in Chapter 13 "Lien Stripping" – Read the bankruptcy legal blogs that have been posted by Attorneys on Lawyers.com

As a Florida consumer bankruptcy attorney, we have been able to remove and strip off second mortgages due to the 11th Circuit’s decision in McNeal a couple years back. It is the only Circuit in the country that allows for a second mortgage lien to be stripped from homestead property.

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.

For some homeowners, however, there may be another option. In bankruptcy it is possible to eliminate second mortgages and lines of credit. That’s right. We call it "stripping off" the mortgage from the property. And if the strip off is successful, the homeowner never pays that loan again. Obviously, this can be of great benefit.