What Is Chapter 13 Lien Stripping of a Second Mortgage in Illinois?
Removing an Underwater Second Mortgage Through an Illinois Repayment Plan Key Takeaways: Chapter 13 lien stripping may allow an Illinois homeowner to reclassify a wholly unsecured second mortgage as ordinary unsecured debt when the home’s value is fully consumed by the first mortgage. This remedy flows from case law interpreting the anti-modification rule in 11 […]