We've been sinking for a long time. We were going to file last Spring. Our atty told us to stop paying the house paymnt so we could keep the principle up on the 1st mortgage so we could hopefully strip the 2nd with the bk. Well, we just filed last week, so now we're really behind, and the truth is,...

So for those following my posts, my 341 meeting was a breeze! the confirmation will take place next month. I am attempting to strip my second mortgage since my property is underwater. My case already has an appraisal attached to it that confirms my property is upside down.

I am still getting...

Has anyone read anything or heard anything about an attorney that is currently trying to strip a 2nd trust deed on a property other than the debtor's primary residence?
I read somewhere about an attorney attempting to do so, but have not been able to find it anywhere. I read on this forum that...

Hi,
I'm new to the forum. If I bought my home as my primary residence, then got a 2nd mtg HELOC, then converted it to a rental, and I owe 88k on 1st and 60k on 2nd and it's worth $130k, can I cram down the 2nd because it's an investment property now? Or what are my options? Thanks!

Long story short.

Started loan mod process 1/2009

Bank took forever to even respond back with an offer.

Filed for ch 13 April 2009

Confirmed plan June 2009

Mortgage held outside the plan

Mortgage co. would not...

Here is some basic information about doing chapter 13 lien strips.

Applicable BK code section. 1322(b)(2).

What is it: In a nutshell, you can remove an inferior lien (i.e. 2nd mortgage, HELOC etc), from your primary residence in a chapter 13 if the value of your home is less...