AlfonsoGomezBroker.com - The U.S. Supreme Court agreed on Monday to hear Bank of America's appeal (Bank of America v. Caulkett & Bank of America v. Toledo-Cardona) of the so called "stripping off" of 2nd mortgages. Bank of America is appealing against two underwater Florida homeowners who filed for Chapter 7 bankruptcy in order to eliminate the liability on their second mortgages, aka "stripping off".
I am not a fan of big banks but I have never understood how the courts can simply eliminate debt agreed to by homeowners in the case of 2nd mortgages. It never seemed fair... In this case, and probably the only time, I am on the side of the banks because if the homeowner agreed and understood what they were signing then how can the courts interfere with an agreed between two willing parties.
My 2 cents...
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