Monthly Archives: April 2013

Mortgage Liens: Can Liens Be Stripped Off in a Chapter 13?

Woolsey v. Citibank, N.A. (In re Woolsey), 696 F.3d 1266 (10th Cir. 2012)  – A Chapter 13 plan proposed to strip off the lien of a junior residential mortgage that was totally underwater.  The bankruptcy court sustained an objection to the … Continue reading

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Mortgage Liens: Can Liens Be “Stripped Off” (vs. “Stripped Down”) in a Chapter 7 Case?

Wachovia Mortgage v Smoot, 478 B.R. 555 (E.D.N.Y. 2012) – In Smoot, the bankruptcy court held that a  totally underwater junior lien on a residential property could be “stripped off” in a Chapter 7 case – choosing to follow a Second … Continue reading

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