Lien strip and money already paid on 2nd mortgage while waitiing

[robwei1]

How to recoup the money that was paid on second mortgage while waiting for lien
strip confirmation

[Pandora]

Not quite understanding your question - "recoup" the money? You dont recoup monies paid to your 2nd - you're stripping the remainder of what you owe to them when they go from a secured creditor to unsecured creditor in a CH. 13. For example: If you owe 100K to your 2nd, but only pay back 25% to unsecured creditors, then your 2nd will receive $25K over the course of your Ch. 13 plan. Once you complete your plan as ordered, the remaining $75K gets wiped out and the lien released.

[robwei1]

Thanks for your reply! Ok, I don't have paperwork in front of me..we filed Chap. 13 in March of 2010, confirmed in October of 2010. During this time, we were paying the normal 2nd mortgage payment to our 2nd mortgage company while we were petitioning to have 2nd lien stripped, I believe that occurred in October of 2011 as I see there was a lump sum paid to our 2nd mortgage company by the trustee in the amount of $1029. Now it looks like a monthly payment by trustee is stable at 269.28. So.....we paid approximately seven months of our second mortgage until it was started to be paid by trustee in October. Am I making any sense?

[robwei1]

October of 2010, correction!!

[Pandora]

From what I understand, even if you paid the 2nd while awaiting the strip approval, you wont get it back. It sounds like you were required to have adequate protection payments until you were approved / confirmed.

[robwei1]

Well, actually, that time that lapsed was due in the most part to my researching these boards. I had to initiate the idea of a lien strip to my lawyer . I had mentioned this idea to him months ago (about the payments made while waiting to be confirmed) and he said to fax him a copy of the checks but he never got back to me. I just wanted to check here before I pursued it with the lawyer again. Thanks.

[LadyInTheRed]

I don't think you'll be getting the money back. It sounds like your original plan included you paying the 2nd mortgage outside of the plan. With the lien strip, the amount you were paying to the 2nd mortgage probably became disposible income payable to the trustee. If I have that part right, if anybody will get the money you paid on the 2nd after filing, it will be the unsecured creditors.

[robwei1]

Thanks!

[car67]

No refund will be coming... Be glad your 2nd is now gone....