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    Question regarding loss of value in Home

    Hello,

    I plan on filing for Chapter 7 in the next few months and I was planning on letting the house go, I am current on the 1st Mortgage, and on the 2nd HELOC with Chase.

    This question pertains the HELOC with Chase.

    Yesterday my wife an I received a letter from Chase suspending withdrawals from our HELOC (we couldn't withdraw from it anyway as it was maxed out).

    They stated, based upon a "proven" valuation method to estimate our home is now worth only $78,000.

    Currently we owe approximately $77,000 with Huntington Bank on the Mortgage (Originally with Sky Bank before Huntington bought it out).

    Basically this leaves them with a security of roughly 1,000 in equity.

    What are the chances of this lien being stripped of and made non-secure or is that only for Chapter 13 cases?

    Thanks!

    #2
    Lein stripping is for Chapter 13's.

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