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Can a Lien Strip be changed of voided ?

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  • Can a Lien Strip be changed of voided ?

    WE have the 2nd being Strip in CH13.

    The reason I ask this is may home value has taken off . It's gone up 80k in the past year.

    There is more than enough to cover the 1st and 2nd , and then some. OR is the Lien Strip a done deal,

    I hope so !!

  • #2
    Once it's stripped, it's gone for good!
    Filed CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
    FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
    FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.

    Comment


    • #3
      The lien strip is not complete until your ch13 is discharged. The basis(values) of the lien strip is determined when you file your ch13 so you are good to go as long as you are discharged.
      11/23/'10-filed ch 13. 1/6/'11-341, confirmed. Below median. Plan completed 11/30/2015. DISSCHARGED 4/4/2016.JP

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      • #4
        Exactly. Value is determined at the hearing on the Motion to Determine Secured Status and Strip Lien. It does not matter if it appreciates after the fact. Well, it matters only if your case is dismissed and you don't receive a discharge.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog


        I am not an attorney. Any advice provided is not legal advice.

        Comment


        • #5
          I need to comment on spidge's post because of OP's initial statement that "WE have the 2nd being Strip in CH13."

          While the lien strip does not take effect until the entry of the 13 Discharge, it is set in stone once an Order is signed by the Judge valuing the property as IB suggests.

          In 99% of jurisdictions, the valuation used is not as of the filing date. It is either as of the Plan Confirmation date or the date in which the Judge determines value based upon an adversary proceeding or separate motion filed by the debtor.

          OP needs to make sure the Order determining value is entered sooner rather than later. The longer the delay the less likely the strip will be successful as the more likely there will be equity after consideration of the 1st. By the comment of OP I have to wonder if the lien strip has been done yet. If it has not been done, OP needs to sit down with the attny and find out exactly what can and cannot be done as it relates to when value is determined.

          I have seen two cases in the last few months where the attny screwed up by not stripping the 2nd early on in the case. Now there is equity and the debtors are out of luck - I can't help them.

          Des.

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          • #6
            Des, in our District, value is determined at the (evidentiary) hearing on the Motion to Determine Secured Status and Strip Lien. We also can use negative noticing, so there is typically no hearing in 90% of the cases. As you state, this is typically done at confirmation. (Our Judges seem to hear all matters affecting confirmation at the final confirmation hearing... to tie it up nicely. In my particular case, I used negative noticing and was able to have the lien strip order granted prior to confirmation.)

            (From prior posts, the OP is 32 months into a 60 month plan. Hopefully their attorney has already had the hearing on the lien strip and the order was already granted.)
            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog


            I am not an attorney. Any advice provided is not legal advice.

            Comment


            • #7
              Thanks for the more in depth explanation Des. the OP implied, but did not say outright, where they were in the process. So a better response from me would have been that we need more info.

              In my situation my attorney stated that the judge approved the lien strip the morning of our 341, so should I take that as meaning that the judge signed the order?
              11/23/'10-filed ch 13. 1/6/'11-341, confirmed. Below median. Plan completed 11/30/2015. DISSCHARGED 4/4/2016.JP

              Comment


              • #8
                Thanks for all the replys...

                I went and looked on PACER just to make sure. 4/26/12 on confirmation the judge granted the lien strip ,when discharged.

                Just seeing my home value going up so fast ,I didn't know if someway the crediter [suntrust] could go back and have it changed.


                Makes me feel good. Thanks

                Comment


                • #9
                  Originally posted by spidge View Post
                  In my situation my attorney stated that the judge approved the lien strip the morning of our 341, so should I take that as meaning that the judge signed the order?
                  Probably, but you may want to confirm that. If you are in the Oakland court, the order must have been signed if your plan was confirmed. They won't confirm the plan until the motion to value lien has been resolved. At my 341, the trustee shook a finger at my attorney because the negative notice period had expired without any objection being filed, but my attorney hadn't submitted a proposed order to be signed. The trustee said she was recommending confirmation contingent on the order being submitted. My attorney submitted the order that day and it was signed the same day and my plan was immediately confirmed.
                  LadyInTheRed is in the black!
                  Filed Chap 13 April 2010. Discharged May 2015.
                  $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

                  Comment

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