Ok now what??? We are awaiting confirmation...

[julsmom]

So we are lost in the sea of objections & unsure as to what the heck is going on...we didn't get confirmed (which made since) since the lien strip hearing hadn't happened) so looks like that is now on for November, and we are awaiting a hearing on the lien strip. A trustee/attorney for the 2nd mortgage has filed an objection, which I take to mean they are going to fight. We still think we have a good case as the property is under water & the 2nd is wholy unsecured. SO now what...it goes to the judge right? And then they decide. I just sweat what happens if for some reason it is ruled against us. That would not be good. Now that my credit is shot & we wouldn't be able to stay in this home. I guess I would stop paying the 1st mortgage then & save money but I see all the issues folks having with trying to rent someplace, so that really bothers me. Anyone else in same boat?

[CoBelle]

MEMEMEME ...yep, in the same boat except instead of a 2nd mortgage objection, I have an objectionable ex-husband who objected (will you trade?) .

So my confirmation hearing is tabled until we have two hearings (at least).

As far as I know, you just keep paying the monthly amount and hope for the best.

Good luck!

[Pandora]

Its all normal, not to worry. Until your AP or motion (however you had to file to strip the 2nd) is approved, confirmation wont happen. We've been there and should be confirmed next week according to our attorney. The objections that your 2nd is objecting to is obviously the strip; the value of the house that you declare it at to what THEY declare it at. Have you had a certified appraisal done on your property? Has the 2nd done a CMA or BPO? If not - its generally recommended you do so. Talk to your attorney and see what the 2nd is valuing your house at, then get a certified appraisal done, (not a CMA or BPO) as a cert. appr. is pretty much rock solid against either of those. You can also pull up your county property taxes and see if they value every year at 100% of Fair Market Value to get a general $ amount, they're pretty close to actual value. Once all that is done, if your Trustee agrees with your valuation of the home vs. the 2nds - he will recommend confirmation, you'll have another hearing - and then it all goes to the judge. IF however no agreement can be reached, then yes, it will be up to the judge to decide the value of your house based on all evidence provided.

[momofthree]

Who is your 2nd mortgage thru if you don't mind me asking?

[julsmom]

Thanks everyone, 2nd mor is with GMAC which must now be affiliated with Citibank as they are filing the objection; we did get a certified appraisal which is in our favor, the city tax valuation is probably pretty close but should still go our way. Plus with the homes currently listed *and several are foreclosures, not sure how much they will look at that.

Haven't seen any date on the lien strip yet? But it was filed. How long does that normally take?