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Paul K, Esq.
Paul K, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 141
Experience:  10 years Exp., Great customer service, Prompt responses.
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The bank appraisal came in at $490K, about $30K more than the

Customer Question

The bank appraisal came in at $490K, about $30K more than the 1st TD. If I accept that appraisal value, would that mean $30K of the 2nd TD ($130K balance owing) is secured and $100K of it is unsecured? And if that is correct can the unsecured portion be discharged in my Chapter 13?
Submitted: 11 months ago.
Category: Bankruptcy Law
Expert:  Paul K, Esq. replied 11 months ago.

Paul K, Esq. :

Hello, my name is XXXXX XXXXX I would love to assist you. Give me a moment to research your issue and I will answer promptly.

Paul K, Esq. :

No unfortunately if even $1 in equity exists above the first mortgage, the second is secured in full. I would go back to appraiser, point out more flaws and find some houses sold in your area for even less money and show him/her. Appraisals are mostly based on comparable sales.

Paul K, Esq. :

Let me know if you have more questions and we can brainstorm a bit.

Customer:

It will be an uphill battle to get the appraisal below the 1st TD, since prices have increased significantly on recent home sales in my area. I'm $100K underwater, even at the recent higher selling prices for homes in my neighborhood. I have heard that banks are being incentivised to negotiate principal reductions in situations like mine, instead of foreclosing on the property. What do you know about these programs and what might be a workable plan in my situation?

Paul K, Esq. :

Who is the second mortgage? If they are one of the banks in the National Mortgage Settlement you may be able to talk them down or erase them a bit. Here is a good article on it. http://www.nolo.com/legal-encyclopedia/national-mortgage-settlement-can-you-benefit.html

Paul K, Esq. :

I know these are tough times, but with a little back and forth hopefully we can figure something out for you!!!

Customer:

Its Union bank, they hold both the first and the seond.

Paul K, Esq. :

Hmm. ok. They are not on the list clearly.

Paul K, Esq. :

What you would want to do then is contact the Loss Mitigation Department, and request a principal reduction of the second mortgage to the value of the home based on the appraisal. They will review it and hopefully will reduce the balance due.

Paul K, Esq. :

This website is a form for you to get started on the process with Union Bank. http://salsa.wiredforchange.com/o/6267/p/dia/action/public/?action_KEY=3176

Paul K, Esq. :

See where that gets you, alot of companies are motivated to help and some are motivated by money only. Good luck and let me know how it goes! Also dont forget to rate so we get credit for our conversation. Have a great week!!!!

Paul K, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 141
Experience: 10 years Exp., Great customer service, Prompt responses.
Paul K, Esq. and 4 other Bankruptcy Law Specialists are ready to help you
Expert:  Paul K, Esq. replied 11 months ago.
Thank you. Have a good weekend.

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