Bank of America files unsolicited Satisfaction of Mortgage

[justbroke]

Wow. I was just looking through the public records and noticed that Bank of America filed a Satisfaction of Mortgage for my 2nd mortgage! I was just gearing up to re-open my case and file a Motion to Determine Secured Status and Strip Lien (in a Chapter 7) -- a popular new tool here in Florida (Alabama and Georgia rounding out the 11th Circuit Court of Appeals). Apparently, there are many debtors getting strip-offs of wholly unsecured inferior mortgages (and liens) in Chapter 7 cases. This is due to some long standing 11th Circuit precedence (and I won't go through the legal history of this).

I have not even received official notice by mail. This just saved me a lot of time dealing with the court and filing my Motion. Maybe Bank of America is just deciding to clear out these second mortgages. My second mortgage had a balance of over $200K (to put it in perspective). In fact, my home (now) is worth more than my first mortgage, so the second was no longer wholly unsecured. (Albeit that the date on which the value is determined is at the hearing on the valuation, but my valuation was done in my (converted) Chapter 13 back in 2008!)

Boy, I'm actually sad because I wanted to go back to court!

[despritfreya]

. . . Maybe Bank of America is just deciding to clear out these second mortgages.

More likely that your 2nd met all of the criterion under the National Mortgage Settlement therefore BOA was required to release, especially if you modified your 1st under HAMP at some point.

Des.

[justbroke]

More likely that your 2nd met all of the criterion under the National Mortgage Settlement therefore BOA was required to release, especially if you modified your 1st under HAMP at some point.

Maybe, but I have received absolutely nothing in the mail about this at all. I have not modified under HAMP either. (I had an in-house modification back in 2010 on my first mortgage.)

Anyhow, I'm not complaining.

[IBroke]

Congrats, justbroke - a nice Christmas-surprise, huh?

My mum's attorney filed her "Motion to Determine Secured Status and Strip Lien" on October 7th and the other party didn't object in the following 30 day time-frame. So as of today, we are still anxiously waiting for the judge to order it.

[TXskyblue]

To be released from 200K of debt is an incredible gift. Merry Christmas, justbroke!

[justbroke]

Congrats, justbroke - a nice Christmas-surprise, huh?

My mum's attorney filed her "Motion to Determine Secured Status and Strip Lien" on October 7th and the other party didn't object in the following 30 day time-frame. So as of today, we are still anxiously waiting for the judge to order it.

If you are past the 30-day "negative noticing" it's just a matter of your attorney submitting the order to the judge for signature. Awesome! I read an article by a local (Florida) attorney and it was basically "get your lien strips while you can"! Apparently, GMAC is allowed to now appeal the McNeal decision, so our days may be numbered.

(And, the petitions are now hitting the 11th Circuit like hotcakes.

To be released from 200K of debt is an incredible gift. Merry Christmas, justbroke!

Yes, it is a nice present. I don't even know what to do now.

[IBroke]

If you are past the 30-day "negative noticing" it's just a matter of your attorney submitting the order to the judge for signature. Awesome! I read an article by a local (Florida) attorney and it was basically "get your lien strips while you can"! Apparently, GMAC is allowed to now appeal the McNeal decision, so our days may be numbered.

Yup - that's why we were getting a bit nervous. I e-mailed our attorney's office last week and I was told that it's not unusual that the judge is a bit behind in signing these orders. I was also told that our case wouldn't be the only one where they would be waiting for the order.

I'm expecting something to happen any day now.

[keepsmiling]

Hot diggety!
Wish I knew who you and where you were so I could rub your head for luck