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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 19492
Experience:  B.A.; M.B.A.; J.D.
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On my schedule D Chapter 7, I entered my first mtg. Description

Resolved Question:

On my schedule D Chapter 7, I entered my first mtg. Description and Value of property = Value of home ($360,000). "Amount of claim..." is the Mortgage that is owed.($450,000) and the unsecured portion is the difference between the value of property and amount of claim?? ($90,000)

Then I entered the 2nd mortgage . Now on the 2nd is the "Value of property subject to lien" STILL THE VALUE OF THE PROPERTY? ($360,000) And then "Amount of claim..." the AMOUNT OF THE 2ND? ($70,000) AND THEN What is the unsecured portion? ($70,000)
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Phillips Esq. replied 5 years ago.
Thank you for giving me the opportunity to assist you. I encourage you to ask me for clarification, if you are not clear with my Answer.

Question:
On my schedule D Chapter 7, I entered my first mtg. Description and Value of property = Value of home ($360,000). "Amount of claim..." is the Mortgage that is owed.($450,000) and the unsecured portion is the difference between the value of property and amount of claim?? ($90,000)

Response 1: Yes and Yes.

Then I entered the 2nd mortgage . Now on the 2nd is the "Value of property subject to lien" STILL THE VALUE OF THE PROPERTY? ($360,000) And then "Amount of claim..." the AMOUNT OF THE 2ND? ($70,000) AND THEN What is the unsecured portion? ($70,000)


Response 2: Yes and Yes
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