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

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.

High court rules 2nd mortgages can’t be voided in bankruptcy And if they can’t cut the. more about it. high-frequency trading, which is practiced by hedge funds and other technologically turbocharged investors, involves the purchase and sale of large volumes.

The Supreme Court dealt with the issue whether a debtor can void a second mortgage that is completely underwater or when the property is worth less than the first mortgage. The high court said that the second mortgage may not be voided if it is not a disallowed secured claim as defined under Section 502 of the Bankruptcy Code.

The debtors sought bankruptcy protection under Chapter 7 and asked the court to void (or "strip off") the second mortgages. The bankruptcy court granted the motions. Bank of America appealed to the U.S. 11th Circuit Court of Appeals in Atlanta, which upheld the bankruptcy judge’s decisions.

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The united states supreme court ruled Monday, June 1, 2015, that bankruptcy courts cannot void a second mortgage for struggling homeowners even if the first mortgage is greater than the value of the home.. In a rare, unanimous decision, the High Court sided with mortgage lenders, saying bankruptcy courts are not allowed to "strip off" secondary, or junior, mortgages, such as home equity.

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In some cases, you can get rid of second or third mortgages on your home. This is called "lien stripping." Here’s how it works. If you don’t have enough equity in your home to secure the second or more junior mortgages, then the bankruptcy court can "strip" the liens securing the mortgages and reclassify the debt as unsecured.

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