Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

(Chapter 7) Lien Stripping Survives in FLORIDA! (SCOTUS Denies Certiorari)

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • (Chapter 7) Lien Stripping Survives in FLORIDA! (SCOTUS Denies Certiorari)

    I can't believe I missed one of the best non-rulings in my lifetime! If you are unfamiliar, Bank of America lost a ruling in the 11th Circuit (Florida, Georgia, Alabama) where the Courts are now allowing lien stripping in Chapter 7s! The 11th Circuit ruled that the famous Dewsnup case was not the "controlling" decision because Dewsnup never directly addressed stripping in Chapter 7s. (Dewsnup addressed strip-downs in Chapter 13s!!!)

    So, in Bank of America v. Sinkfield, 13-700, 2014 WL 1271326 (U.S. Mar. 31, 2014), the Supreme Court was asked to fix this issue since the 11th Circuit appears to be the only one to allow stripping in Chapter 7s. We in Florida have been having a great time with this and I'm sure creditor attorneys are not.

    In fact, we have been easily stripping HOA liens in Chapter 7s here. The HOA attorneys have gone mad and even tried to claim that somehow HOA liens were different than other liens. They've tried everything and lost every single time. This refusal for certiorari is perfect as it now preserves our Chapter 7 lien stripping for some time!
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

  • #2
    So, what does this mean exactly? I am in my 60 day wait…..had 341 a few weeks ago for Chp 7. I have a second lien that was not stripped because I have a little equity in my first. Should I call my lawyer about this??

    Comment


    • #3
      soscared123, are you in Florida? If not, this doesn't apply to you. Also, assuming a Chap 7 strip is like a Chap 13 strip, the value of your home must be less than the balance on your first mortgage in order or strip the 2nd lien.
      LadyInTheRed is in the black!
      Filed Chap 13 April 2010. Discharged May 2015.
      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

      Comment


      • #4
        Exactly as LITR writes. I will only add that tihs Chapter 7 Lien Stripping should be good in Georgia and Alabama as those states are part of the 11th Circuit where the original case was upheld (Folendore v US Small Business Administration).
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog


        I am not an attorney. Any advice provided is not legal advice.

        Comment


        • #5
          Although our 2nd is already stripped, it's awesome to see that this option is still available to others!

          Considering the huge impact this opportunity can have on those filing for CH7 in the 11th Circuit, I'm still baffled as to why the media hasn't picked up on this topic at all. I'm sure there are thousands out there in the 11th Circuit that would file ASAP if they knew they could get rid of their second mortgage.
          Filed CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
          FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
          FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.

          Comment


          • #6
            Originally posted by IBroke View Post
            Although our 2nd is already stripped, it's awesome to see that this option is still available to others!

            Considering the huge impact this opportunity can have on those filing for CH7 in the 11th Circuit, I'm still baffled as to why the media hasn't picked up on this topic at all. I'm sure there are thousands out there in the 11th Circuit that would file ASAP if they knew they could get rid of their second mortgage.
            Maybe values are starting to go up so there won't be as many lien strips?

            Comment


            • #7
              Originally posted by brokehmowner View Post
              Maybe values are starting to go up so there won't be as many lien strips?
              Not quite. There are lien strips happening all over the Florida Bankruptcy Courts. Especially where people purchased in the 2006-2008 run-up. Additionally, stripping HOA liens seems to be "good sport" right now in the bankruptcy courts (of Florida)!
              Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
              Status: (Auto) Discharged and Closed! 5/10
              Visit My BKForum Blog: justbroke's Blog


              I am not an attorney. Any advice provided is not legal advice.

              Comment


              • #8
                I bought my house in 2005, before the value went up another 20%. Without my lien strip, I am probably about 35% underwater. And I believe California is among the earlier and quicker states to recover. I am sure there are plenty more people like me who did 20/80 financing who will be undewater for quite some time and plenty of people who can strip their mortgages for years.
                LadyInTheRed is in the black!
                Filed Chap 13 April 2010. Discharged May 2015.
                $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

                Comment


                • #9
                  LITR you make a good point! It's primarily the 80/20 loans that remain eligible. Anyone with just a purchase money first mortgage will not benefit unless they obtained some line of credit above the purchase value after the purchase. (In most cases, the second mortgage in the 80/20 loans is actually a home equity line of credit with one draw at the time of financing.)
                  Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                  Status: (Auto) Discharged and Closed! 5/10
                  Visit My BKForum Blog: justbroke's Blog


                  I am not an attorney. Any advice provided is not legal advice.

                  Comment


                  • #10
                    Yep, my 2nd is a HELOC. In a year from now, I'll be able to say it WAS a HELOC.

                    Another group of people who will still be eligible for a strip are people who borrowed against their homes' increased values, also usually through HELOCs.
                    LadyInTheRed is in the black!
                    Filed Chap 13 April 2010. Discharged May 2015.
                    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

                    Comment


                    • #11
                      Long live, and die, the HELOC! (Just some lien stripping humor!)
                      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                      Status: (Auto) Discharged and Closed! 5/10
                      Visit My BKForum Blog: justbroke's Blog


                      I am not an attorney. Any advice provided is not legal advice.

                      Comment


                      • #12
                        Originally posted by justbroke View Post
                        Long live, and die, the HELOC! (Just some lien stripping humor!)
                        Haha...absolutely!

                        Well, we were also part of this "irresponsible" homeowners you did several refis as soon as the value of our home increased. The bad thing is that as a result, our first mortgage loan-amount is quite high. On the other hand, without this huge debt, we probably would have lost our home because the lender wouldn't have lost that much money in a foreclosure.

                        Sometimes, the irresponsible way pays off...
                        Filed CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
                        FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
                        FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.

                        Comment


                        • #13
                          Yes, I am in south florida. But it won't apply to me. My home would sell for about 160,000.
                          My first mortgage I owe 106,000.
                          My HELOC is 65,000.
                          Took out the HELOC when the values went up….falsely!
                          Darn it!

                          Comment


                          • #14
                            Originally posted by justbroke View Post
                            Long live, and die, the HELOC! (Just some lien stripping humor!)
                            I am on the ferry ride home and lifting my friday cocktail to that.
                            LadyInTheRed is in the black!
                            Filed Chap 13 April 2010. Discharged May 2015.
                            $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

                            Comment

                            Unconfigured Ad Widget

                            Collapse
                            Working...
                            X