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How New Jersey Homeowners Can “Cram-Down” or “Strip-Off” Second Mortgages in Chapter 13 Bankruptcy

New Jersey homeowners who file for chapter 13 bankruptcy protection may be able to cease paying their second mortgages if their homes are “underwater.” When the amount that a homeowner owes on her mortgages is more than the home is worth it is considered “underwater.” Relief is available to New…

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