underwater home

Stripping a second mortgage

08/15/12

Due to the decline in home values over the last few years, many people now find themselves with mortgage balances on their homes that exceed the value of their home. Many homeowners are underwater on their homes because of a second mortgage. Bankruptcy can provide relief to those people by stripping second mortgages provided certain [...]

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First Circuit: Lender Not Obligated to Foreclose on Home Surrendered in Bankruptcy

03/28/12

Surrendering Property Usually Allows the Debtor to Walk Away From Underwater Property. What Happens When the Bank Refuses to Take Ownership? One of the big advantages for consumers filing bankruptcy is the ability to surrender property they can no longer afford. Through bankruptcy, debtors can avoid a deficiency lawsuit and get rid of personal liability [...]

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