NEWS & RECENT ARTICLES

CALL BADGLEY LAW GROUP FOR A FREE CASE EVALUATION : 407-781-0420

Relief for Underwater mortgage in Orlando? Only in Chapter 13

An underwater mortgage is a serious a problem for many Orlando homeowners. Earlier this summer, the Orlando Sentinel reported that Orlando was number 3 in the nation, and number 1 in Florida for the number of homes that an underwater mortgage – the  loan balance was more than the value of the house.  Many bankruptcy attorneys in Orlando have been trying to help their clients with an underwater mortgage with a procedure known as “lien stripping,” which is a form of legal surgery to remove a second mortgage lien from a homeowner’s property.  Bankruptcy attorneys have used the lien stripping procedure for their clients who chose a chapter 13 bankruptcy  to keep their homes with a three or five year payment plan.  What has been in dispute is whether lien stripping can be performed in a chapter 7  bankruptcy.        Continue Reading