The housing market crashed significantly hard in Florida. Even though there have been some signs and economic indicators that point to a massive improvement the last few years, some people in Florida simply continue to struggle to pay their mortgage each month, particularly if those people have a second mortgage to meet also. The good news for some families is that there are ways to go about stripping a second mortgage.
It is no secret that taking on a second mortgage and borrowing against the equity in a home was something the banks encouraged just a few short years ago. While a good idea at the time, the crash of the economy meant that equity melted away. In fact, homes were not even worth the amount of the first mortgage, much less the combined amount when the second mortgage was considered. When this scenario is present, there are ways to strip that second mortgage through bankruptcy.