If the current value is really close to the current 1st mortgage balance...Does the lender typically dispute the value from the CMA and if so...What is typically the best thing to do to challenge the 2nd lenders dispute?
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It depends. The 2nd mortgage lender will first look at its computer-model valuation, if that value is more than is owed to the 1st mortgage, and your valuation is close; they may very well dispute it. Then it comes down to a battle of experts and who the judge believes has the more accurate valuation.
As for what to do, you have a few options.
1. Take it too a hearing and let the judge decide.
2. Arrange some sort of settlement. In this scenario, you are looking for the 2nd mortgage lender to write down a significant portion of the debt in exchange for a reaffirmation or simply withdrawing your motion to value and strip.
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