Home Mortgages and Bankruptcy

If a debtor files for bankruptcy, should they be able to reduce their mortgage down to the current value of their house? (lien strip)

It may depend on whether they are living in the house that they want to lien strip or whether they own the property as an investment:

http://bloomberg.com/apps/news?pid=20601039&

http://dowlinglawoffice.wordpress.com/2008/10/20/

This is very interesting in that it seems that if the debtor wants to lien strip, they can only do it on property that they own for investment purposes.

So, landlords can lien strip but regular homeowners can’t?

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