Question regarding stripping the 2nd

[95kindebt]

We just got our Property tax bill. It states our market value has decreased since last year. We owe $186k on the first mortgage, $98k on the 2nd mortgage. A total of 284k

The property tax bill says our totalRMV value is $261,110

COuld we use this number based on what our county says our house is worth to strip the 2nd?

[jwmc1]

if your house has a market value in excess of the 1st, you cant strip the lien

[StartingOver08]

Your property value would have to be less than the amount of your first mortgage in order to strip the jr lien. Your first mortgage is $186k and you said the tax valuation is $261k. In that case you can not strip the 2nd.

Do you know the actual value of your home? Tax values are usually much higher than actual market value in our current market. (Because the tax assessor wants to keep tax dollars flowing into the county ) Check the actual market value through a realtor on a quick sale (sale within 30 days).