Thread:KleinAttorneys/@comment-5972638-20130109173657

In todayâs economic housing crisis, many people are finding themselves in a situation where the current fair market value of their home is no longer what it used to be. With values being so low, many peopleâs homes are âunder waterâ â the total amount of the secured liens on their home is greater than the homeâs value. If you find yourself in this situation, filing bankruptcy might be the answer you are looking forâ¦ In the Southern District of Florida, you can strip (remove) a junior lien from your home in a Chapter 13 bankruptcy. This would include a 2nd Mortgage, a Home Equity Loan or Claim of Lien recorded by your homeownerâs association. In order to strip a lien, there must not be any equity in the home securing that lien. The stripped off lien becomes part of your unsecured debt and the lien holder will get a portion of the money you are required to pay your unsecured creditors. Your bankruptcy attorney will typically require that you get an appraisal of your home 