Chapter 13 Mortgage Lien Strips.

[LadyInTheRed]

Sounds like your attorney forgot to serve the bank with notice of the petition or served notice but forgot to file the proof of service. He told you the court needs more time because he doesn't want to admit the delay is his fault. Bad form, in my opinion. Mistakes happen and when an attorney makes one, he should explain to the client what happened and what they are going to do to fix it. This is very fixable and will not change the outcome of your case assuming your attorney serves what needs to be served and files what needs to be filed. He'll probably be sure that happens this time.

[dmc-2008]

LIR, I sure hope youcan make sense of that!! I am baffled! Nervous and baffled!

[dmc-2008]

Mine was denied today! Something about "proof of service for notice of the original or cont. hearing inc. the deadline to file response was not filed"

I read this off court doc online. When i called my atty today the said everything was fine but the courts need more time to review.

I think atty forgot to file something and i hope he can fix it????

[cmjohnston]

OUr credit union objected, then when we showed the appraisal report, they confirmed

[dmc-2008]

Lady, would the payment go up that you have been paying or would it come out of current payment? Thanks so much!

[LadyInTheRed]

Thanks LadyInTheRed for your reply.
Do I need to go to the hearing personally or my attorney should take care of it.

You most likely will not have to go. But, ask your attorney to be sure.

[lg11105]

Thanks LadyInTheRed for your reply.
Do I need to go to the hearing personally or my attorney should take care of it.

[LadyInTheRed]

I got Appraisal from Property Appraiser for 165K on my Primary Residance in Palm Beach, FL and my 1st Mortgage is 195K and 2nd HELOC from a Credit Union.
I just finished 341 Meeting and wiating for my Plan Cofirmation but the Credit Union filed objection for Lien Strip.
What could be the result ?

Your plan will probably not be confirmed until the lien strip is resolved. There will be hearing where both sides present evidence regarding the vale of the property. The judge will decide which evidence is more convincing and make a ruling. If the judge does not grant the lien strip, you will probably need to amend your plan to pay the 2nd as a secured creditor. Or, you might also decide to abandon the home.

[lg11105]

I got Appraisal from Property Appraiser for 165K on my Primary Residance in Palm Beach, FL and my 1st Mortgage is 195K and 2nd HELOC from a Credit Union.
I just finished 341 Meeting and wiating for my Plan Cofirmation but the Credit Union filed objection for Lien Strip.
What could be the result ?

[jrny2freedom]

OK. Thanks Justbroke.

[justbroke]

It could not be stripped unless you filed a Motion to Determine Secured Status and Avoid (Strip) Lien and the motion was granted. Since you are in bankruptcy, the lender stopped reporting the status of the loan in order to prevent any issues with the Automatic Stay. When I filed Chapter 13 and for the 20 months thereafter, my lender never reported anything "new" on my mortgage. It was listed as, and still is listed as, included in bankruptcy (IIB), and has been since I filed.

If you want to know for sure, ask your attorney.

[jrny2freedom]

I am 4yrs into my Ch13 (exactly 12mos repayment to go). When I filed I provided the required appraisal of my home. I had a Wellsfargo HELOC and was current on the payments. It was NOT included in my plan (not sure why it was not as it was submitted as a loan). For some reason the loan went away from my list of loans on my online account. I have been recently told by a friend who is a WF Bank manager that it was most likely stripped, though I did not ask nor go through the process to have it done. Can anyone tell what could have happended to it? Will I get a surprise when I reach the end of this long road in 12mos?

[patrickmead]

Also, 85% (according to the NACBA) of ALL chapter 13 Plans fail because people just stop paying. No one knows the reason!

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[patrickmead]

Chapter 13 bankruptcy is for two situations: (1) You don't qualify for a chapter 7 (your income is too high); or (2) You are in foreclosure and need to pay back arrears.


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[ms67]

So even if the only thing left in the BK is less than $5,000 in debt it is still better to keep the BK in order to not be responsible for the mortgages on the house? That makes sense. Thanks