Lien stripping - Loan Modification Forum

jms1972 · 02-02-2009, 08:43 AM

We currently have two mortgages on our home. 1st mortgage through Litton Loan at 153000. 2nd mortgage is with Specialized Loan Services at 35000.00. We had a bankrupcy two years ago and didn't reaffirm on the mortgage, however we did do a modification because 1st mortgage interest was set to reajust. 2nd mortgage on credit report states zero balance. My husband has been hearing info on lien stripping for the 2nd mortgage since if we did forclose they wouldn't get any money or property anyway. Basically,we want to get rid of 2nd mortgage. Our home's current value is probably at 150000.00 at the most. We would just like to know the direction we should take. and how to go about getting rid of the 2nd mortgage.
Thanks,
JMS

jms1972 · 02-02-2009, 08:56 AM

We filed chapter 7.
Thanks JMS

jms1972 · 02-02-2009, 09:02 AM

One more thing. Both mortgages were discharged in the bankrupcy, however we modified the first loan to secure interest for two years which is set to adjust again Dec 2009. Are we still responsible for the 1st mortgage or is it still discharged.
Thanks
JMS

Moe Bedard · 02-02-2009, 09:35 AM

lien stripping is done in a Chapter 13 bk...........you would need to talk with your bk attorney about it..........
Moe had put this thread in this section so that members would know what to ask their attorney.................
Discussion: Principle Reductions: Wipe Out Your 2nd Mortgage With Bankruptcy

jms1972 · 02-02-2009, 09:46 AM

Is there any other way to get rid of second mortgage since it has already been discharged in the bankrupcy.
Thanks
JMS

02-02-2009, 08:43 AM	#1 (permalink)
jms1972 Member Join Date: Jan 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Lien stripping We currently have two mortgages on our home. 1st mortgage through Litton Loan at 153000. 2nd mortgage is with Specialized Loan Services at 35000.00. We had a bankrupcy two years ago and didn't reaffirm on the mortgage, however we did do a modification because 1st mortgage interest was set to reajust. 2nd mortgage on credit report states zero balance. My husband has been hearing info on lien stripping for the 2nd mortgage since if we did forclose they wouldn't get any money or property anyway. Basically,we want to get rid of 2nd mortgage. Our home's current value is probably at 150000.00 at the most. We would just like to know the direction we should take. and how to go about getting rid of the 2nd mortgage. Thanks, JMS

02-02-2009, 08:56 AM	#2 (permalink)
jms1972 Member Join Date: Jan 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Lien stripping We filed chapter 7. Thanks JMS

02-02-2009, 09:02 AM	#3 (permalink)
jms1972 Member Join Date: Jan 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Lien stripping One more thing. Both mortgages were discharged in the bankrupcy, however we modified the first loan to secure interest for two years which is set to adjust again Dec 2009. Are we still responsible for the 1st mortgage or is it still discharged. Thanks JMS

02-02-2009, 09:35 AM	#4 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Lien stripping lien stripping is done in a Chapter 13 bk...........you would need to talk with your bk attorney about it.......... Moe had put this thread in this section so that members would know what to ask their attorney................. Discussion: Principle Reductions: Wipe Out Your 2nd Mortgage With Bankruptcy __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

02-02-2009, 09:46 AM	#5 (permalink)
jms1972 Member Join Date: Jan 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Lien stripping Is there any other way to get rid of second mortgage since it has already been discharged in the bankrupcy. Thanks JMS

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