lein stripping?

[flower04]

We owe $280K on 1st mortgage, $80K on 2nd mortgage, totalling $360K. Our house is probably worth $310K now. We are doing a 13 and are meeting with attorney to finalize in two weeks. We are wondering what the possibility is of having our 2nd stripped...to current market value? We are close to 45% of our gross monthly income going to housing and have seriously considered walking away from the house altogether. However, with kids, we have decided this woudl be too much esp. considering everything we are doing without.

Any comments?

[keepmine]

To lein strip in a 13, the value of the house must be less than the amount of the first mortgage.
You still have some value to support the 2nd so you won't be able to strip the jr. lein.