Homeowners who wanted to void second mortgages when their houses were underwater through Chapter 7 bankruptcy lost Monday in a unanimous decision at the U.S. Supreme Court.
Two lower courts had ruled second mortgages held by Bank of America could be voided. The Supreme Court said those ruling conflicted with previous high court rulings and would cause widespread disruption in housing markets.
The American Bankers Association had opposed voiding the second mortgages in a friend-of-the-court brief,…Miyerkules, Hunyo 3, 2015
High court says no to voiding second mortgages
Homeowners who wanted to void second mortgages when their houses were underwater through Chapter 7 bankruptcy lost Monday in a unanimous decision at the U.S. Supreme Court.
Two lower courts had ruled second mortgages held by Bank of America could be voided. The Supreme Court said those ruling conflicted with previous high court rulings and would cause widespread disruption in housing markets.
The American Bankers Association had opposed voiding the second mortgages in a friend-of-the-court brief,…
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