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You can't lienstrip a principal residence. So, there's no
You can't lienstrip a principal residence. So, there's no way to reduce the arrearage, other than to give up the property and walk away. But, that can be done outside of bankruptcy, because the lender… read more
socrateaser
socrateaser
35,656 satisfied customers
I am preparing to file a Chapter 13 bankruptcy In New York.
I am preparing to file a Chapter 13 bankruptcy In New York. My wife and I own a home, she is the only signer on the 1st mortgage which is current. I am the only signer on a HELOC (home equity line of … read more
socrateaser
socrateaser
35,656 satisfied customers
I own a 2nd mortgage and note secured by a single family home
I own a 2nd mortgage and note secured by a single family home in San Bernardino, CA. They owe $305k on the first and $55k to me the second. The property value is $290k, so there is no equity in my sec… read more
TJ, Esq.
TJ, Esq.
Juris Doctor (JD)
11,592 satisfied customers
I have a judgment(fraud charge) lien on our home. is it possible
I have a judgment(fraud charge) lien on our home. is it possible to strip the lien if the home value is under the 1st mortgage loan balance?… read more
wallstreetfighter
wallstreetfighter
Attorney
Doctoral Degree
11,809 satisfied customers
Im under Ch. 13 right now. I have a first and second mortgage
I'm under Ch. 13 right now. I have a first and second mortgage which is the majority of what is owed on the plan right now, plus car. The arrearages on the first is just about paid off after a little … read more
cfortunato
cfortunato
J.D.
7,967 satisfied customers
Im getting ready to file chapter 11 to reorganize debt on
I'm getting ready to file chapter 11 to reorganize debt on rentals. My primary residence has a 2nd mortgage on it that they are willing to take a settlement but want to see financials. If I don't get … read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,986 satisfied customers
A Chapter 13 debtor listed a 2nd mortgage in his schedules.
A Chapter 13 debtor listed a 2nd mortgage in his schedules. The debtor intended to strip the 2nd mortgage from his home. So under "Special Intentions" on line 13 ("Other Provisions") of the Chapter 13… read more
socrateaser
socrateaser
35,656 satisfied customers
I am planning to do BK. My homestead property is worth 150k,
I am planning to do BK. My homestead property is worth 150k, I owe 130k to 1st mtg and 90k to a HELOC in 2nd position, obtained some years after I purchase property. Will I be able to drop HELOC to 20… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,986 satisfied customers
Is an amount of deferred principal balance that was arranged
Is an amount of deferred principal balance that was arranged through a loan modification agreement (for s first mortgage that is on the principal residence of debtor) prior to the date of the chapter … read more
Fritz
Fritz
Attorney
209 satisfied customers
my son has a home in Riverside county calif.. he has a first
my son has a home in Riverside county calif.. he has a first and second mortgage(with the same bank Chase)...the home has dropped quite a bit in value...I have read in the business sect of the L.A tim… read more
socrateaser
socrateaser
35,656 satisfied customers
I completed and my chapter 13 case was discharged on 1/5/2011.
I completed and my chapter 13 case was discharged on 1/5/2011. I contacted Bank of America to find out how to proceed with my regular payments starting in February 2011. I have a 1st mortgage and home… read more
cfortunato
cfortunato
J.D.
7,967 satisfied customers
I am in foreclosure with no assets, would a chapter 7 help
I am in foreclosure with no assets, would a chapter 7 help save my house and cars or would a chapt 13 be better?… read more
Ellen
Ellen
Attorney
Doctoral Degree
21,737 satisfied customers
I am going to declare bankruptcy because there is no way out
I am going to declare bankruptcy because there is no way out of my debt crises. I will continue to pay my mortgage because I still need a place to live. I have a home equity loan. If I stop paying the… read more
Brent Blanchard
Brent Blanchard
Solo Practitioner
Doctoral Degree
1,964 satisfied customers
we are thinking of filing chp 13 in order to keep our house
we are thinking of filing chp 13 in order to keep our house from foreclousure. If we owe the Bank $279K but the house is only worth $189K, would we have to pay back the bank the whole 279K to keep the… read more
cfortunato
cfortunato
J.D.
7,967 satisfied customers
My question is a followup to my question about stripping a
My question is a followup to my question about stripping a lien off a house in Chapter 13. I have a second trust deed that on top of the first exceeds the current market value of the house by plenty. … read more
Brent Blanchard
Brent Blanchard
Solo Practitioner
Doctoral Degree
1,964 satisfied customers
In a Chapter 13, Florida two mortgages in foreclosure 1st
In a Chapter 13, Florida: two mortgages in foreclosure: 1st is 64,000(was a equity line with balance of 0.00 when refinanced--since was in existence is it considered the first?) 2nd is 344,000 the val… read more
socrateaser
socrateaser
35,656 satisfied customers
I am filing Schedule D -CREDITORS HOLDING SECURED CLAIMS and
I am filing Schedule D -CREDITORS HOLDING SECURED CLAIMS and need to make sure I am entering the $ amount correctly. The market value of my house is $195,000.00 The lien with the bank is $145,000.00 a… read more
Maverick
Maverick
Doctoral Degree
6,700 satisfied customers
i filed a chpt 13 which includes my guesthouse in florida , ...
i filed a chpt 13 which includes my guesthouse in florida , filed may 12. now i must make a payment to keep the guesthouse from foreclosure ? no court date has been set yet. can i pay a reduced ''lien… read more
CALawyer
CALawyer
Attorney
Juris Doctor
1,622 satisfied customers

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Meet the Experts:

Terry L.

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JoeLawyer

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I am an attorney.

Paul K, Esq.

Paul K, Esq.

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10 years Exp., Great customer service, Prompt responses.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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