Lien Stripping - Appraisal vs. Primary Lien Amount

[ArizonaBK13]

Hi all -

So I got my appraisal in today. It came in $8,325 below the amount of my primary lien, supporting the ability the lien strip the second mortgage.

Should I be concerned that it is "close" to the amount of the primary mortgage, or is even $1 below the primary lien amount enough to allow the lien stripping?

Thanks!!

[StartingOver08]

Your safe to strip the lien. The market value just needs to be less than the first mortgage to make all the jr liens eligible to be stripped.

[cc8225]

My appraisal came in at 285K I owe 295K on my first. I will be stripping the 2nd and third. Your 2nd could object since your appraisal is close like mine but you should be fine. I file in two weeks. I will keep the board updated.

[NoTomatoCan]

I am in the same boat. Will file in a little over a month. Currently have an appraisal that is about $7,500 (about 3.5% of value of loan) under the current balance of the 1st ($245k). I want to keep the 1st current, so assuming no massive (or even minor) turn around in the Michigan housing market I plan on stripping the 2nd ($150k).

Out of curiosity, does anyone have experience with any lenders as to whether they fight the lien strip? I am with Green Tree Servicing (from Irwin Home Equity). Two of the lawyers I spoke with said they generally do not fight anything. It was originally a 125% LTV loan, so there was inherient risk in the loan to begin with.