Comments on: Principle Reductions: Wipe Out Your 2nd Mortgage With Bankruptcy http://loanworkout.org/2008/10/principle-reductions-wipe-out-your-2nd-mortgage-with-bankruptcy/ - Free Mortgage, Auto and Student loan Calculators by LoanWorkout.org Tue, 18 Oct 2011 02:57:27 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: Karl http://loanworkout.org/2008/10/principle-reductions-wipe-out-your-2nd-mortgage-with-bankruptcy/#comment-53166 Karl Sat, 24 Sep 2011 20:43:41 +0000 http://loanworkout.org/?p=1065#comment-53166 We filed BK-7 and it was granted about 15 months ago. We did not include the BoA home equity loan. We received a loan mod. with W.Fargo 1 yr ago. Here are the current numbers: 1st 295K, 7 years left on a 15y note, 2.25% (goes up to about 4.5% in steps) $3940/monthly including escrow (tax etc.) Home equity loan, 350K (+about 10K of back interest etc.)interest only (so far) var 2.5%; original payment $720/month; currently making 200$ per OK from BoA for the last 12 months. No notice of foreclosure to date. Home value: 438K (zillow). Is it possible to get a stripped down loan with BoA? Thanks We filed BK-7 and it was granted about 15 months ago. We did not include the BoA home equity loan. We received a loan mod. with W.Fargo 1 yr ago. Here are the current numbers:

1st 295K, 7 years left on a 15y note, 2.25% (goes up to about 4.5% in steps) $3940/monthly including escrow (tax etc.)

Home equity loan, 350K (+about 10K of back interest etc.)interest only (so far) var 2.5%; original payment $720/month; currently making 200$ per OK from BoA for the last 12 months. No notice of foreclosure to date.
Home value: 438K (zillow).

Is it possible to get a stripped down loan with BoA? Thanks

]]> By: Michelle Yarde http://loanworkout.org/2008/10/principle-reductions-wipe-out-your-2nd-mortgage-with-bankruptcy/#comment-33002 Michelle Yarde Thu, 16 Jun 2011 21:45:43 +0000 http://loanworkout.org/?p=1065#comment-33002 My husband & I filed bankrupcy last Nov. We represented ourselves & had the bankruptcy confirmed by the judge. Our payment plan is in place. We are now trying to strip the second mortgage. The judge has written us that the way we presented the court with our Motion to Lien Strip they cannot accept. What is the protocol to get this done without paying an attorney? My husband & I filed bankrupcy last Nov. We represented ourselves & had the bankruptcy confirmed by the judge. Our payment plan is in place. We are now trying to strip the second mortgage. The judge has written us that the way we presented the court with our Motion to Lien Strip they cannot accept. What is the protocol to get this done without paying an attorney?

]]> By: Ron http://loanworkout.org/2008/10/principle-reductions-wipe-out-your-2nd-mortgage-with-bankruptcy/#comment-31229 Ron Tue, 17 May 2011 17:56:25 +0000 http://loanworkout.org/?p=1065#comment-31229 In a chapter 13 filing, a debtor owns a four-unit residential appartment building and lives in one of the units. In regards to his ability to stip away junior liens, will the court regard the building as a personal residence or as businessis property. Thanks for your replay. In a chapter 13 filing, a debtor owns a four-unit residential appartment building and lives in one of the units. In regards to his ability to stip away junior liens, will the court regard the building as a personal residence or as businessis property. Thanks for your replay.

]]> By: sandra decker http://loanworkout.org/2008/10/principle-reductions-wipe-out-your-2nd-mortgage-with-bankruptcy/#comment-28662 sandra decker Wed, 05 Jan 2011 00:34:51 +0000 http://loanworkout.org/?p=1065#comment-28662 My husband is filing a chapter 7, its suppose to be discharged this Monday! We would like to include our second mortgage in this and still keep the house, is this possible? Our lawyer says that loan stripping is no longer done. We live in Illinois. We owe $365,000 on both. Loan on first is $300,000. Our home value on zillow is $304,000 My husband is filing a chapter 7, its suppose to be discharged this Monday! We would like to include our second mortgage in this and still keep the house, is this possible? Our lawyer says that loan stripping is no longer done.

We live in Illinois. We owe $365,000 on both. Loan on first is $300,000. Our home value on zillow is $304,000

]]> By: vincent http://loanworkout.org/2008/10/principle-reductions-wipe-out-your-2nd-mortgage-with-bankruptcy/#comment-28506 vincent Mon, 03 Jan 2011 23:17:39 +0000 http://loanworkout.org/?p=1065#comment-28506 ll be filing Chapter 7 but want to keep my house. I can't qualify for either 13 or 11.....I have debts that exceed 1.5 million not including my 1st. and 2nd. mortgage....Some of the 1.5 million in debts have been put on my house as crossed collaterial for business loans, lines of credit etc....I want to loan strip them out and off of my house, can this be done in a chapter 7...I'm ok with the 1st and 2nd mortgages they are current....but, want to strip out the other lies.....please advise ll be filing Chapter 7 but want to keep my house. I can’t qualify for either 13 or 11…..I have debts that exceed 1.5 million not including my 1st. and 2nd. mortgage….Some of the 1.5 million in debts have been put on my house as crossed collaterial for business loans, lines of credit etc….I want to loan strip them out and off of my house, can this be done in a chapter 7…I’m ok with the 1st and 2nd mortgages they are current….but, want to strip out the other lies…..please advise

]]> By: Lee http://loanworkout.org/2008/10/principle-reductions-wipe-out-your-2nd-mortgage-with-bankruptcy/#comment-24630 Lee Mon, 20 Dec 2010 21:30:25 +0000 http://loanworkout.org/?p=1065#comment-24630 I live in New York and have started chapter 7 filing. From what I have learned. I can strip my second mortgage. My question is will the mortgage company who holds the lien release it with the county records ? Will I ever be allowed to sell or do I have to pay the second back before I can sell. I live in New York and have started chapter 7 filing. From what I
have learned. I can strip my second mortgage. My question is
will the mortgage company who holds the lien release it with the
county records ? Will I ever be allowed to sell or do I have to pay
the second back before I can sell.

]]> By: Cjohnson http://loanworkout.org/2008/10/principle-reductions-wipe-out-your-2nd-mortgage-with-bankruptcy/#comment-22386 Cjohnson Thu, 02 Dec 2010 15:42:15 +0000 http://loanworkout.org/?p=1065#comment-22386 I have a small condo financed through HSBC with a variable rate of 7.99%. I am currently in a Chapter 13 and paying both my 1st and 2nd on top of the Chapter 13 payment. The condo is valued on Zillow at $70 - $85K, I owe $71000 on the 1st and $17000 on the second. I have one year left on the Chapter 13. Can this chapter be modified at this time to write of the 2nd and quit making that payment? It would make life so much easier. I have a small condo financed through HSBC with a variable rate of 7.99%. I am currently in a Chapter 13 and paying both my 1st and 2nd on top of the Chapter 13 payment. The condo is valued on Zillow at $70 – $85K, I owe $71000 on the 1st and $17000 on the second. I have one year left on the Chapter 13. Can this chapter be modified at this time to write of the 2nd and quit making that payment? It would make life so much easier.

]]> By: LDQ http://loanworkout.org/2008/10/principle-reductions-wipe-out-your-2nd-mortgage-with-bankruptcy/#comment-22308 LDQ Fri, 26 Nov 2010 16:11:45 +0000 http://loanworkout.org/?p=1065#comment-22308 I am trying to find out if a second can be stripped through a Chap 13 filing if the property securing the first and second only exceeds the amount of the first mortgage by 30k or less i.e. the first is ~77K the second is ~117K and zillow and cyberhomes rates the FMV of the property from $63-100K. Specifically can the second be modified by the judge or other means down to the surplus FMV of the property after the first has been satisfied? I am trying to find out if a second can be stripped through a Chap 13 filing if the property securing the first and second only exceeds the amount of the first mortgage by 30k or less i.e. the first is ~77K the second is ~117K and zillow and cyberhomes rates the FMV of the property from $63-100K.

Specifically can the second be modified by the judge or other means down to the surplus FMV of the property after the first has been satisfied?

]]> By: Tracy sparks http://loanworkout.org/2008/10/principle-reductions-wipe-out-your-2nd-mortgage-with-bankruptcy/#comment-22012 Tracy sparks Sun, 24 Oct 2010 14:16:50 +0000 http://loanworkout.org/?p=1065#comment-22012 I was wondering if you think my second mortgage will be wiped out through chapter 13 bankruptcy; I owe $76000 on my 1st morgtage & the proper value is at the most $75000. I owe more on my 2nd mortgage than I do on my 1st, $87000.00; Would they allow the 2nd to be stripped in this case? I live in florida I was wondering if you think my second mortgage will be wiped out through chapter 13 bankruptcy; I owe $76000 on my 1st morgtage & the proper value is at the most $75000. I owe more on my 2nd mortgage than I do on my 1st, $87000.00; Would they allow the 2nd to be stripped in this case? I live in florida

]]> By: John Markham http://loanworkout.org/2008/10/principle-reductions-wipe-out-your-2nd-mortgage-with-bankruptcy/#comment-21636 John Markham Sun, 12 Sep 2010 04:33:55 +0000 http://loanworkout.org/?p=1065#comment-21636 The lien-stripping procedure looks like a system whereby a borrower's just debt gets transferred from him to the lender or to the lender's other borrowers. The debt never goes away. It just gets reassigned ... relocated. Somebody else, who never got the benefits, pays it. The people orchestrating this process seem not to mind the smell. As Yakov Smirnoff used to say in his comedy routine, "What a country!" The lien-stripping procedure looks like a system whereby a borrower’s just debt gets transferred from him to the lender or to the lender’s other borrowers. The debt never goes away. It just gets reassigned … relocated. Somebody else, who never got the benefits, pays it. The people orchestrating this process seem not to mind the smell.

As Yakov Smirnoff used to say in his comedy routine, “What a country!”

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