If we file chapter 13 then we can strip the second mortgage off our home if the second lender challenges the Comparable Market Analysis ??
Review our home page and click on How to strip a 2nd mortgage. A few second mortgage holders challenge, primarily Credit Unions and American General and several others- about 10%. In each of those cases they have dropped the challenge or we have negotiated a settlement. I guess it depends on how sure we are that your home is worth less than the first mortgage. If you walk from the home the 2nd mortgage will never pay off the first to protect its lien therefore they know if you walk they get nothing. Therefore you are holding all the cards. Understand? My husband and I are in a bankrupt state. We have not pursued filing because we are behind in filing of our taxes and because the finances are weak, we have not been able to pay our accountant to catch us up. We feel we are in a holding pattern with no direction. What do we do? First you have lots of company. Second you do have options. We take one step at a time. And eventually probably sooner and easier than you imagine your problems ca
Review our home page and click on How to strip a 2nd mortgage. A few second mortgage holders challenge, primarily Credit Unions and American General and several others- about 10%. In each of those cases they have dropped the challenge or we have negotiated a settlement. I guess it depends on how sure we are that your home is worth less than the first mortgage. If you walk from the home the 2nd mortgage will never pay off the first to protect its lien therefore they know if you walk they get nothing. Therefore you are holding all the cards. Understand? After meeting with Mr. Daines today I would like to just clarify a couple of questions. If I was current on my first mortgage and I have a 2nd and 3rd mortgage that are not current, can I file a Chapter 7 to keep the house. And what happens to the 2nd and 3rd mortgage? Also in your information on your web page regarding getting rid of the 2nd mortgage it states that there is a possibility the 2nd and 3rd could contest the elimination of t
