Information on Strip Lean the 2nd Mortgage? - Loan Modification Forum

bccorona · 08-24-2009, 12:42 PM

Hello,

Could you please describe the process in strip lean a 2nd mortgage and how difficult it is to do this?

snapple candy · 08-24-2009, 04:24 PM

bc,
You have to file bankruptcy to strip 2nd or you can try and negotiate a settlement (like 10 cents on the dollar) with the lender directly or thru an attorney. My attorney says the best he has seen is a 30% settlement. The attorneys here might have more to say on the subject.

Nathan Fransen Esq. · 08-24-2009, 10:46 PM

bccorona,
A "lien strip" is really a Motion to value a secured debt in a Chapter 13 proceeding. Effectively, it causes a 2nd lien to be deemed unsecured and thus treated just like other unsecured debts. Chapter 13 is more complex than a Chapter 7 and has its own advantages and disadvantages. You should be able to find an attorney to discuss this with you and your unique circumstances. Perhaps even a local Corona attorney

Best Regards,

08-24-2009, 12:42 PM	#1 (permalink)
bccorona Member Join Date: Jul 2009 Posts: 16 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Information on Strip Lean the 2nd Mortgage? Hello, Could you please describe the process in strip lean a 2nd mortgage and how difficult it is to do this?

08-24-2009, 04:24 PM	#2 (permalink)
snapple candy Senior Member Join Date: Feb 2009 Posts: 1,308 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Information on Strip Lean the 2nd Mortgage? bc, You have to file bankruptcy to strip 2nd or you can try and negotiate a settlement (like 10 cents on the dollar) with the lender directly or thru an attorney. My attorney says the best he has seen is a 30% settlement. The attorneys here might have more to say on the subject.

08-24-2009, 10:46 PM	#3 (permalink)
Nathan Fransen Esq. California Attorney Join Date: Mar 2009 Location: Southern California Posts: 73 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Information on Strip Lean the 2nd Mortgage? bccorona, A "lien strip" is really a Motion to value a secured debt in a Chapter 13 proceeding. Effectively, it causes a 2nd lien to be deemed unsecured and thus treated just like other unsecured debts. Chapter 13 is more complex than a Chapter 7 and has its own advantages and disadvantages. You should be able to find an attorney to discuss this with you and your unique circumstances. Perhaps even a local Corona attorney Best Regards, __________________ Nathan Fransen Attorney Fransen & Molinaro Law Firm (951) 520-9684 www.loanlaw.net Disclaimer: The comments by me are for informational purposes only and not for the purpose of providing legal advice. NO ATTORNEY-CLIENT RELATIONSHIP IS CREATED. You should contact your attorney to obtain advice with respect to any particular issue or problem.

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