Super quick question re: lien strip

[psirasmom]

I know there are a million threads out there about this - I've been browsing....and my eyes are crossing!

In re: lien strip - does the equation use the original mortgage amount, OR the payoff balance? Here's my situation:

First mortgage - originally $228,000.00 - current balance roughly $237,000 (late fees, past due payments that will be included in payment plan)

Second mortgage - originally $135,000 - current balance roughly $131,000 (but have not paid in 3 years - written off as bad debt, but HSBC has filed a claim).

Appraiser was out Monday and said he'd probably arrive at a value of about $225,000.00, BUT, there's a possibility it would be closer to $229,000.00

[shark66]

Your current balance including late fees and whatever would be used.

That said, the appraisal *should* be structured with the price reflecting a fast sale.

With such a small difference between balance owed on first and the appraised value, you might get a pushback from the second mortgage holder, hopefully you won't.

Good luck to us all.

[psirasmom]

Thanks - fingers are crossed!

[psirasmom]

The appraisal came back - at $223,000.00!!!!!!! I looked at the comps, and they were all right around the same for their actual sale prices - HUGE sigh of relief!