High court: Bankrupt homeowners can't void second mortgage
Criminal Law
A unanimous Supreme Court says homeowners who declare bankruptcy can't void a second mortgage even if the home isn't worth what they owe on the first mortgage.
The justices on Monday ruled in favor of Bank of America in two Florida cases where bankrupt homeowners wanted to "strip off" a second loan because they were underwater on the primary mortgage.
Lower courts allowed both homeowners to nullify the second loans and the Atlanta-based 11th U.S. Circuit Court of Appeals affirmed both cases.
But Bank of America said the rulings conflicted with Supreme Court precedent. The company argued that the second loan might be repaid eventually if the property's value rises.
The homeowners argued that the second loans were basically worthless.
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Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.