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Stripping Off Second Mortgages In Chapter 7

A three Judge panel of the Eleventh Judicial Circuit, which includes the states of Alabama, Georgia and Florida, recently held that a second mortgage could be stripped or removed as a lien on a home where the value of the home is less than the amount owed on the first mortgage in Chapter 7. This decision may be short lived because the losing party has moved for the full panel of the Eleventh Circuit (all nine justices) review the case. We expect a final ruling in October, 2012.

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