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Can I strip off or wipe out a second mortgage or home equity line of credit?

April 26, 2017home equity line of credit second mortgage Strip wipe

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Can I strip off or wipe out a second mortgage or home equity line of credit?

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A. Yes. If the house is worth the same or less than the first mortgage, then you can strip off the second mortgage, home equity line or any liens behind the first mortgage. This is a powerful tool in bankruptcy to wipe out those liens and mortgages where real estate property values have dropped.