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Michael Barnett: For people with mortgage woes, there is hope — if you follow the rules

Tampa Tribune:

“On June 1, the U.S. Supreme Court ruled in Bank of America, N.A. v. Caulkett that a Chapter 7 bankruptcy debtor can no longer eliminate a junior mortgage on real property when the value of the property is less than the outstanding amount owed under a senior mortgage, barring a practice that has been expressly allowed in Florida (and other states within the Eleventh Judicial Circuit) since May of 2012.

“Following the ruling, Chapter 7 debtors and other homeowners need not fear, because several viable mortgage relief options remain available to homeowners with a steady stream of income.”

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