Perspective
Dec. 12, 2014
Case may let some homes resurface
The 2007 subprime mortgage crisis pummeled junior lenders whose second liens went from above to below water almost instantaneously. For homeowners, the dire economic situation presented an opportunity. By Ben Nachimson
Real estate prices fluctuate. The 2007 subprime mortgage crisis pummeled junior lenders whose second liens went from above to below water almost instantaneously. For homeowners, the dire economic situation presented an opportunity. If his home held no value above the amount of his senior lender's claim, a debtor could utilize the Bankruptcy Code to "strip" the junior lien. By filing a bankruptcy petition coupled with a "motion ...
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