Sentences with phrase «strip junior mortgages»
In chapter 13, if your first mortgage amount is more than the value of the home, then you may be able to strip your junior mortgage.
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In Wisconsin, debtors can not strip off junior mortgages in Chapter 7.
«Lien stripping» (elimination of mortgages) means that upon successful completion of your Chapter 13 the mortgage company will have to remove the junior mortgage (s) from your property and the arrears on the mortgage (s) don not have to be paid back.
In close situations, an appraisal will help to figure out if a junior mortgage can be stripped.
If you can show your house is worth less than the principal balance of the primary mortgage, any junior mortgage or home equity line can be stripped.
Chapter 13 is the only chapter that provides this; in order to «strip» a junior lien, the chapter 13 debtor must prove that the junior lien is completely unsecured - that is, that the value of the home is less than the balance of the existing first mortgage.
Bankruptcy may also allow you to cancel your unsecured junior mortgages (lien strip).
«Lien stripping» (elimination of mortgages) means that upon successful completion of your Chapter 13, the mortgage company will have to remove the junior mortgage (s) from your property and the arrears on the mortgage (s) do not have to be paid back.