I posted this question in Lien Stripping thread but didn't get any reply and so, posting it as a separate thread here expecting some replies.
I am going to file for Ch.13 next week. I have been preparing for Ch.13 for last 8 months. The main reason for my Ch.13 is Lien stripping. My primary loan is $218k and I am sure that if I go for appraisal, i will get it for more than $230 or $240k. But, my attorney is very confident that we can show the assessed value (from country property appraisers website) and do the lien stripping. The reason for this is assessed value of my house is $180k. I am taking a huge risk. But, I dont see any other option as I have credit card debts also and if I dont file Ch.13 now, then Citi bank is going for Judgement on 11th January. The second loan that i am trying to strip is $126k and it's from BofA. My attorney is also giving me confidence (from his experience) that BofA will not contest for lien stripping!!!! Can any of you guys give your feedback/expert opinion on my situation? I am located at Broward country of South Florida.
I am going to file for Ch.13 next week. I have been preparing for Ch.13 for last 8 months. The main reason for my Ch.13 is Lien stripping. My primary loan is $218k and I am sure that if I go for appraisal, i will get it for more than $230 or $240k. But, my attorney is very confident that we can show the assessed value (from country property appraisers website) and do the lien stripping. The reason for this is assessed value of my house is $180k. I am taking a huge risk. But, I dont see any other option as I have credit card debts also and if I dont file Ch.13 now, then Citi bank is going for Judgement on 11th January. The second loan that i am trying to strip is $126k and it's from BofA. My attorney is also giving me confidence (from his experience) that BofA will not contest for lien stripping!!!! Can any of you guys give your feedback/expert opinion on my situation? I am located at Broward country of South Florida.
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