Motion to value hearing yesterday anxious!

[gettingby2008]

Yesterday was our motion to value hearing for our 2nd mortgage. JP Morgan Chase actually had the nerve to oppose the lien strip stating they feel the home has more value.
We live in Las Vegas have they not seen the news!!

1st Mortgage = 210K
2nd Helco = 49K

Independent appraisal = 130K

Wish me luck that everything went well. My plan confirmation was postponed pending the outcome and so far no additional objections from the Trustee so attorney thinks once this motion is approved the plan will be confirmed.

[BigJohn]

Your first mortgage is 210K and the appraisal is 130K and they are objecting? Do they really think they can pull out 80K+ plus more in value? We are in Arizona which is not as Las Vegas. If your house was appraised for 130K, it probably is now worth 120K.

[StartingOver08]

Sounds like the attorney for Chase is going thru the "motions" (pun intended) just to show his client he is working.

I think this objection is a non starter. JMO

[gettingby2008]

Woohoo

WOOOHOOOO just heard from our attorney and the judge granted the motion so now we are 1 step closer to our plan confirmation .

[liz417]

Great news! So what did your house appraise?!?

[TooMuchCredit]

What happened at the hearing? Things have changed with my case and my lawyer just filed the motion to value on for my 2nd and 3rd mortgages.

So the lien holders don't file objections until the hearing? I am hoping mine realize they will get about 40% payback being stripped versus much likely less if they are not. It actually will bump other unsecured up from from about 25% to 40% as well.

I have an appraisal, plus have a CMA and a letter from a realtor for what they would put the house on the market for which is less than what the first mortgage is. Both Chase and BofA's website's home valueation is lower than my 1st mortgage (1st is with Chase). My 2nd and 3rd do not have online tools on their site. Zillow however says my house is worth almost 50% more than the appraisal. I know zillow is definitely flawed though as my neighbor's behind me house larger, on a larger lot, more desireable street, and pristine condition is valued $7K less than mine!

Oh well fingers crossed.

[gettingby2008]

Good luck - we finaly heard that our motion was granted and our confirmation hearing is set for this week.

Good luck to you.

[TooMuchCredit]

Good luck - we finaly heard that our motion was granted and our confirmation hearing is set for this week.

Good luck to you.

Congrats!

I wasn't clear about what I was asking though Did y'all have to go to the motion to value hearing? Did you get called on the stand? I am just curious as to what happens. I have to go to mine in June and was asked to get the appraiser to come as well.

[gettingby2008]

We did not have to attend our hearing, our attorney had the appraiser sign an affidavid and they went to court and that was it. Not much trouble at all. I live in So Nevada so allot of lien stripping is going on.

[catleg]

Yesterday was our motion to value hearing for our 2nd mortgage. JP Morgan Chase actually had the nerve to oppose the lien strip stating they feel the home has more value.
We live in Las Vegas have they not seen the news!!

1st Mortgage = 210K
2nd Helco = 49K

Independent appraisal = 130K

Wish me luck that everything went well. My plan confirmation was postponed pending the outcome and so far no additional objections from the Trustee so attorney thinks once this motion is approved the plan will be confirmed.

Good thing you won, otherwise I would have said to Chase: SOLD to you for $210k. :-)