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Lien Stripping

When a mortgage company forgives a lien, this is the process of lien stripping. In most cases, lien stripping occurs in areas that have seen dramatic real estate depreciation to the point where a borrower's purchase money second mortgage greatly exceeds the value of the home. Usually the bank that authorizes the removal of the 2nd lien while want some kind of appraisal indicating that the 1st mortgage alone is higher than the current value of the property.

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