Lodi CA Chapter 13

[janno2008]

My house value $200,000
My 1st Mortgage $319,900
My 2nd Mortgage $59,900

I owned $ $380,000 approximately.

Can I wipe out second mortgage with chapter 13 in Lodi California.
I want to keep the house. 1st and 2nd mortgage are secured loans.

I want to file bankruptcy because I am behind in all credit cards $21,000
and also I would like to eliminate the second mortgage with the idea in keeping my home and still paying the 1st mortgage.

Please legal advice

[Flamingo]

You get "legal" advice from an attorney, not an internet forum. What you would like to do and what you can do are two different things. If you are behind in your mortgage payments you can seek a modification from your mortgage company to lower your payments. You don't list your household income, the amount of all your other debts, etc. to indicate that you can actually file BK. Many of us on here would suggest you make a few appointments with a BK attorney in your area to review your situation.

[janno2008]

Bankruptcy Chap 13 Lodi CA

I already talked with a lawayer and he said that I can file bankruptcy with chap 13. Since this lawyer wants $4000 Dlls for filing my case I decided to do by myself that's the reason I am asking in this forum an advise from people who has experienced and had filed chp 13.

Response to your questions:

My income $ 3,200 after Taxes $2,700
My second income $ 300 or $500 sometimes.
My first Mortgage Payment $ 2,078
My Second Mtg Payment $599,00

My credit all cards debts $21,000 ( Payments Behind 5 months late)
Monthly payments $500
My expenses such food and basics $900,00

I have two teenagers and I am the only income.

[tencalcpro]

do not file w/o attorney

This is way too complicated to file w/o an attorney. It is worth the price.

[Flamingo]

I don't see how you can afford to keep your house but if that is what you want to do, I also suggest not filing without an attorney. There will be a lot involved as to your situation and one mistake on your part can mess up everything. There are folks on this forum who have filed pro se and most of us who have been through a Chapter 13 do not advise to do it without an attorney - it can get very complicated. Best of luck to you.

[mmenz22779]

to answer your question you can do a lien strip in the value of your house is worth less than the 1st, then you can strip the lien.

Yes you can strip that 60000 out and still keep your house. DO NOT GET BEHIND IN EITHER PAYMENT BEFORE YOU FILE. Keep paying on the 1st and 2nd until you file.

based on the numbers you give then you would be -DMI so you would not have to pay your creditors anything back. You would be paying your lawyer and the trustee for 36 months. (your income for a family of 3 is below so that = 3 years).

I would also suggest you hire a laywer for this, CH13 can get complicated plus you are going to do a lien strip. Your laywer will include some of his fees in the 13 payment.

consult with other laywers, 4000 is on the higher end. I have seen some lawyers charge anywhere from 2200-5000 for a chapter 13.

All in all you are going to be in better postion as you will wipe out $80000 for a cost of 4000 (not a bad deal)

[screwedupbyRE]

you don't have to make payments on the second loan. keep payments on the first current.

[janno2008]

Lien Strip

Yes, I will consider your suggestion and thanks so much.
Some people say that is difficult to eliminate a second mortgage.
However, I will hire a lawyer to file Chap 13

[justbroke]

I already talked with a lawayer and he said that I can file bankruptcy with chap 13. Since this lawyer wants $4000 Dlls for filing my case I decided to do by myself that's the reason I am asking in this forum an advise from people who has experienced and had filed chp 13.

Take this from someone who filed pro se, and is currently navigating the maze of rules, procedure, and attorney-to-attorney calls... don't do it alone.

Having wrote that, you could, but with the type of issues you have, it would be foolish. (Yes, I am such a fool.)

(I really need to update my blog.) Today, I had to talk to an attorney to negotiate an agreed Order. I also had to deal with a post-petition arrearage issue and a Motion for Relief from Stay. I got them both fixed in speaking to the lenders attorney. Do you know how to to that?

Most creditor attorneys, I've found, don't even want to talk to you, because they know that you don't know everything, they don't want to explain it to you, and they can't give you legal advice to boot, and, to top it all off, they don't represent you.

(As I write this, I now see that others have pointed you in the right direction. Best of luck to you.)

[2strong]

if you have a second mortgage and a home equity loan can you strip both.my house is worth 311,000 and my first is 377,000 my second is 92,000 and my home equity is 25,000 so you see the sutuation im in. Is it hard to do loan strips. I am currently doing a loan modification to see what they offer and if they don't help me out I will file for a 13.


I would suggest using a laywer. The last thing you want to do is add to stress you already have maybe look around for a cheaper price

[justbroke]

if you have a second mortgage and a home equity loan can you strip both.my house is worth 311,000 and my first is 377,000 my second is 92,000 and my home equity is 25,000 so you see the sutuation im in. Is it hard to do loan strips. I am currently doing a loan modification to see what they offer and if they don't help me out I will file for a 13.

Chapter 13s are the vehicle for stripping seconds. You can strip your second and HELOC very easily. You'll need to get a professional appraisal around the time you file.

I successfully, without even a peep from the lender's attorney, stripped a $120K 2nd from my primary residence. It's all in the documentation.

(Truthfully, I've seen ATTORNEYS try to strip a 2nd by submitting a Motion to Avoid Lien and Determine Secured Status and providing only the Debtor's "guess" as to what the value is. Yep, no appraisal. I've also seen Motions where the Lender submitted a "Market Analysis" (conducted by a Real Estate Agent). I don't know how these people ever get any Motions granted. )