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What is a lien-strip?

Our Professional Answer:

When you file a bankruptcy, you may have had a judgment or debt lien against property you own. This could be lien against your home or your car. The home is a more typical property than a lien it’s placed against. A lien strip is the process of removing the lien or judgment that was placed against in this example your home prior to exiting bankruptcy. It’s available where the property is already numbered by a mortgage, and the mortgage cumbers the full value of the house such that the lien no longer attaches or never attached to any value in the house.