BK 13 to strip 2nd lien in NJ

[antomax]

Please help me with this, I'm behind on my 2nd mortgage with BOA and they sent me an acceleration letter to foreclose. I have a 1st and a 2nd mortgage with two different banks. I want to get rid of my 2nd lien through a ch 13 bk and need help. I don't know where to start, I ahve called two attorneys in NJ and both say that I have to be very certain that the value of my home is lower than my 1st mortgage in order to strip it and the cost to do that is 3200.00. How can I know the real value of my home and how can I be certain, I'm worried that even if the house value is under water that the bank would fight it and object in court and I would lose it and face foreclosure.
I know that my house value is below my 1st loan alone but exactley how much is it I just don't know that.
My 1st loan is 335,000 and my 2nd is 83,000. I believe my house value is 315,000 according to recent sales and some websites like zillow.com and chase home estimator.
Also is there any way I can file without an attorney, I cann't afford the fee.

[keepsmiling]

I am in NJ and found Zillow to be WAY too high. I had a realtor come in and do a CMA- came in around 80K less than zillow. Be sure to point out whatever might be needing repairs, and that it needs to be priced for a quick sale.

[antomax]

I am in NJ and found Zillow to be WAY too high. I had a realtor come in and do a CMA- came in around 80K less than zillow. Be sure to point out whatever might be needing repairs, and that it needs to be priced for a quick sale.

thanks for replying, well zillow is showing the house valued at 309,000. I will call two realtor for a CMA and go from there.
Keepsmiling did you do a lien strip also.

[keepsmiling]

I am looking at a 7 and so am in a different situation than you are. I actually have some equity in my house so I have a whole different set of worries. Been in a holding pattern waiting for some recent local homes to go to closing so we could get a realistic comp.

What angered me was that we actually had to pay (not much, but it's kinda the principle) for the attorney to run a CMA online. The numbers that produced were so high that I flipped out and panicked (too much equity=trustee takes my house)-- but turns out they were so outdated and irrelevant that the realtor just laughed. Call a realtor in and see how that goes to start,shouldn't cost you anything if they think you will be selling.

I am sure others with far more experience than I will be along soon to chime in. Good luck, keep us posted! I am hoping enough of us NJ folks will turn up that we can start our own little group to swap experiences.