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What is left to pay after a lien is strip?

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    What is left to pay after a lien is strip?

    I may need to post this in the lien strip section but I did not want it to be lost or ignored. We received approval from the court to strip our second mortgage. We thought that once it's stripped, that was it but the attorney says no. What else is there to pay or do?

    Thanks!

    #2
    A lien strip converts secured debt into unsecured debt during the duration of the Chapter 13. The amount of the stripped lien will appear as unsecured debt and will share in any payments that are being made to the unsecured creditors. If your Chapter 13 is dismissed or converted prior to completion, the lien strip will become ineffective and the debt will revert back to secured debt.

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      #3
      Now it makes sense. Thanks chicagoed195!

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        #4
        Also if they don't file a claim by your claims bar date, and your case is eventually discharged, they will get nothing! Mine has not filed a claim yet, but they still have a month and a half left, keeping my fingers crossed!
        Filed Chapter 13 with lien strip on 2-28-11 * 341 held on 3-30-11 * First confirmation hearing held 4-20-11, continued until 5-25-11, continued until 6-29-11, continued until 8-10-11. Plan finally confirmed on 8-10-11!!!

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