Lien Stripping in Consumer Bankruptcy
Bringing or Defending Actions to Avoid Junior Mortgage Liens
Recording of a 90-minute CLE webinar with Q&A
Conducted on Thursday, November 8, 2012
Recorded event now available
This CLE webinar will provide bankruptcy counsel with a review of how junior mortgage liens can be stripped in consumer bankruptcies, discuss defenses available to the lender to preserve the lien, and outline various litigation approaches for both sides.
With many home mortgages underwater, debtors in consumer bankruptcy are aggressively seeking to shed second or third mortgages via “lien stripping.”
In Chapter 13 bankruptcies, a junior mortgage no longer secured by the property’s equity may be stripped. The junior mortgage becomes part of the debtor’s unsecured debt and may be paid off through the Chapter 13 plan. At the end of the plan period, the remaining unsecured debt is discharged.
In a surprise ruling earlier this year, the 11th Circuit allowed debtors to strip off wholly unsecured liens from homes in a Chapter 7 case. Mortgage lenders have several viable defenses to preserve the mortgage lien and tactics to put roadblocks in the path of the debtor seeking to strip the lien.
Listen as our authoritative panel of consumer bankruptcy practitioners provides counsel with knowledge to represent debtors seeking to strip junior liens and to defend mortgage lenders seeking to preserve their liens.
Debtor’s ability to strip junior mortgage liens
- Chapter 13 requirements
- Adversary proceedings
- Chapter 7 bankruptcy options, including In Re McNeal (11th Cir. May 2012)
- Litigation tactics
Mortgage lender defenses
- Litigation tactics
The panel will review these and other key questions:
- What circumstances permit the debtor to strip a junior lien in a Chapter 13 bankruptcy?
- What options are available to debtors in a Chapter 7 bankruptcy?
- What are the lender’s most viable defenses?
- When may an adversary proceeding be necessary to strip a junior lien?
Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.
Monette W. Cope, Junior Partner
Weltman Weinberg & Reis,
She practices in the firm’s Bankruptcy, Consumer Bankruptcy and Commercial Bankruptcy Groups. She is also involved in the Integrated Real Estate Default Group. She began her bankruptcy career in Chicago and has extensive experience in bankruptcy-related matters, particularly in Chapter 13 bankruptcies.
Stephen M. Trezza, Principal
Arizona Law Group of Trezza & Associates,
He concentrates on Chapter 7 and Chapter 13 bankruptcy. He is a member of the Tucson Association of Consumer Bankruptcy Attorneys, National Association of Consumer Bankruptcy Attorneys, American Bankruptcy Institute, and the National Consumer Law Center.
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The presentation was detailed and I very much liked the fact that we heard from both a debtor and a creditor's counsel on the subject.
Marcus, Errico, Emmer & Brooks
I liked the strategic tips regarding defending against lien stripping in Chapter 20 cases.
Carol A. Glick, Esq.
Certilman Balin Adler & Hyman
The program got right to the substance and did not spend lots of time on background/basics, providing a very sophisticated treatment of the issues.
The webinar was very informative on very pertinent matters and had a good flow.
Allen & Overy
The speakers gave an excellent presentation, and their comments appeared to come from actual experience, with real-life illustrations, which added to the value of the seminar.
Cheryl D. Cook
Bankruptcy Law Advisory Board
Skadden Arps Slate Meagher & Flom
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