On June 1, 2015, the Supreme Court of the United States issued its opinion in Bank of America v. Caulkett and rejected Eleventh Circuit precedent stemming from McNeal. Please click HERE for a copy of the opinion. In its opinion, the Court applied its reasoning in Dewsnup to wholly unsecured mortgages, holding that, without overruling Dewnsup, its prior interpretation of section 506 requires no distinction between undersecured mortgages (strip down) and wholly unsecured mortgages (strip off). Accordingly, lien stripping in chapter 7 is not permitted by the Bankruptcy Code.
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