Anyone lien strip in thier chap 13??? What did the attorney charge?

[253BK]

we are looking at doing this also we owe about 675K on a home worth maybe 525K which leaves us about 10K under our first mortgage so we wanted to see if anyone on here has done this or even started the process?

OUr attorney is looking at charging us 2000-3000$ more plus a few fees like apprasial and the apprasiers time to come to court if the second mortgage bank challanges the lien strip!

If you have just started this or been through it please post some details!

Thanks everyone

[HHM]

Out of curiosity, how are you in a 36 month plan at $5,500 per month. Are you paying secured debt into the plan, are you a family of 10 I only ask, because in order to get 36 months you must either be below your states median income for your size family, or be paying off your unsecureds 100%.

But, as for lien strips, they are fairly straight-foward.

[gettingby2008]

We are doing a lien strip and out attorney is not charging anything extra. We paid 300 for the appraisal.

[BigJohn]

We are doing a lien strip. No charge but I assume if extra work is needed we will be charged extra. We paid ahead of time for the appraisal.

[TooMuchCredit]

I wanted to, but was told they are not done in the Northern District of Georgia.

[253BK]

Out of curiosity, how are you in a 36 month plan at $5,500 per month. Are you paying secured debt into the plan, are you a family of 10 I only ask, because in order to get 36 months you must either be below your states median income for your size family, or be paying off your unsecureds 100%.

But, as for lien strips, they are fairly straight-foward.

I guess the way they worked it is our orginal payment was 4250$ and since we could afford 5500$ per month they switched us over to a 36 month plan at 5500$ becuase on a 36 month plan all money can go to your mortgage and rears I guess... So we are paying 0 unsecured and 100% to our IRS bill and mortgages for 36 months!

This hasnt been confirmed yet so I am not holding my breath!!!

From what we were told the lien strip is about 2000$ extra plus the apprasial of 300$ either way it is well worth it!!!

[HHM]

I honestly don't see how that plan could be confirmed. The "minimum" requirement is 60 months UNLESS you are under the median or pay back 100% to unsecureds.

Please let us know how this comes out and ask your lawyers reasoning on how you will qualify for 60 months. The mortgage I understand if you including the primary mortgage payment in the plan and paying off priority tax debt first, but I am not aware of any provision that allows for a 36 month plan paying 0% unsecured when you have disposible income.

[BrokeinCA]

We are doing a lien strip. Our attorney is charging an additional $1000 which includeds the appraisal.