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Posts tagged "Caulkett Dewsnup bankruptcy underwater mortgages"

Underwater Mortgages Cannot Be Stripped Down in Chapter 7 - For Now at Least: Caulkett

The United States Supreme Court has unanimously ruled that a junior mortgage that is 'under water' - that is, the value of the house is less than the senior mortgage - cannot be stripped down or removed as an unsecured claim in a chapter 7 bankruptcy. And yet, the opinion seems to invite a challenge to the very case the court is relying upon for its conclusion.

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