Has anyone been successful in stripping their 2nd or 3rd liens through Chapter 13? - Loan Modification Forum

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Has anyone been successful in stripping their 2nd or 3rd liens through Chapter 13?

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Mortgage Bankruptcy Learn how to wipe out your second with a mortgage bankruptcy and learn the methods to "properly" claim bankruptcy on your home and loan. n the case of second mortgages, if the value of the property falls below the loan amount, debtors potentially could reduce the balance of the loan to equal the current value of the property. YES, very interesting stuff!

This is a discussion on Has anyone been successful in stripping their 2nd or 3rd liens through Chapter 13? within the Mortgage Bankruptcy forums, part of the Foreclosure Process category; I understand the liens are only secured up to the current value of the home. I have 3 loans 1st ...

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07-17-2009, 07:21 AM	#1 (permalink)
cahomeowner Senior Member Join Date: Oct 2008 Posts: 162 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Has anyone been successful in stripping their 2nd or 3rd liens through Chapter 13? I understand the liens are only secured up to the current value of the home. I have 3 loans 1st 500K 2nd 150K 3rd 100K I have seen values on realtytrac show $497K and zillow $615K and hoping I will be successful in stripping my 2nd & 3rd mortgages. Value is a relative term so I am wondering if anyone has a.) been successful in stripping their lien(s) b.) did you have any issues with the values? is the appraisal something you initiated or was it done through the banks?

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