Lien stripping strategy

[phigment]

I have asked all these questions about lien stripping and realized that I don't know anything about the timing of the strip. Does it take pace at the time of filing/341 and then included in my repayment plan?

[IBroke]

I have asked all these questions about lien stripping and realized that I don't know anything about the timing of the strip. Does it take pace at the time of filing/341 and then included in my repayment plan?

As far as I know, the confirmation of the payment plan is what counts. The second mortgage is "dumped" at that point BUT only as long as you make all required payments under the plan. So if you decide to stop paying after 2 years, the 2nd mortgage is still going to be there...

[woeisme]

Sounds just like yesterday with our appraisal. He was freindly, but also pointed out he would charge if he had to go to court. I think that is fair. It's his time after all. We are also very rural (AL) so "pickins was slim". Did you end up having to use him in court? I read that it is rare to have to go that far if you use a written appraisal. Thanks for your input.

No, I didn't have to use him for court. I only had to get the appraisal to determine the equity, (to make sure I was paying more to unsecureds than they'd get in a CH 7) not to do a lien strip. And the appraiser would have had to say our house was worth double what I knew the going rate would be for there to be a problem, so that is also why I didn't worry about using him when he got huffy about how he only gives "honest" appraisals, as if there's no room for personal judgment! No way are these appraisals 100% accurate, but I just said "whatever" but I'm sure I would have been much more picky about chosing an appraiser if big $ from a 2nd mortgage was on the line.