Talked to the Lawyer today...

[bull]

I went to the lawyer and things went pretty decent. I have to call him back with a couple questions, but wondered what you folks thought.

On our house, we are keeping, he said to reaffirm the 1st mortgage and not the 2nd. He said we could just keep paying on it, but not to reaffirm it. The total of the 2 is about $87K and the last appraisal was $68K. Does that sound right? Can we make a motion to try to get the lien on the 2nd stripped?

Also, we have 2 vehicles that are way upsidedown and a motorcycle that we are paying a friend for, he has the title and I am not sure if he got a lien on it. We are letting the vehicles go back. Is there any way to keep the bike if he doesn't have a lien?

Thanks!!

[HHM]

You can try to strip the 2nd if you want a fight on your hands and pay extra attorney's fees, but yes, if you are upside down on the house, the 2nd mortgage can be stripped as an unsecured debt, but I don't recall off the top of my head if you can still keep the house if you strip the lien.

[bull]

Thanks HHM. I am gonna call the lawyer back today and try to clarify.