2nd mortgage question

[tazzy20176]

I have a 1st mortgage with countrywide fro $319,000 and a second with my credit union for $75,000. Just got my house appraised and it came in at $285,000. Is there a way I can get rid of the 2nd and include it in the Chapter 7.

[justbroke]

I have a 1st mortgage with countrywide fro $319,000 and a second with my credit union for $75,000. Just got my house appraised and it came in at $285,000. Is there a way I can get rid of the 2nd and include it in the Chapter 7.

I'm doing what is called a "strip-off" in my Chapter 13 right now. I just sent in my motions two days ago.

Having wrote that. strip-offs are not possible in a Chapter 7. We Chapter 13 folks get to use 11 USC 506(d) to do our strip-offs (lien strips).

(I keep correcting myself. However, I don't think a lien strip or "strip off" is available to use in a Chapter 7. A "strip-off" is different than a "strip down". I need to use the correct terminology!)

[justbroke]

I'll just add that even for Chapter 13 debtors, this seems to vary by District (actually, by Circuit Court of Appeals). There are some very friendly Districts (11th Circuit) that do these without batting an eyelash in a Chapter 13 preceding.

I have read here, and elsewhere, that strip-offs even for Chapter 13 debtors are met with frustration in other U.S. Districts.

[biotechsolution]

I have a 1st mortgage with countrywide fro $319,000 and a second with my credit union for $75,000. Just got my house appraised and it came in at $285,000. Is there a way I can get rid of the 2nd and include it in the Chapter 7.

No.

[justbroke]

No.

I talk to much.

[NowImDownInIt]

I talk to much.

I don't think so, it's nice that you explained the alternative, which is what I'd've done, lol... if it weren't totally redundant.

[justbroke]

Do you know the difference between a "strip-down" and a "strip-off"???

Well, a "strip-down" is where you stand before the Trustee at your 341 and just start removing articles of clothing... tossing them on the "table". This should be accompanied by you yelling... "well then just take everything, why don't you".

A "strip-off" is where the Trustee and you, in an Adversarial Proceeding, challenge each other as to who could remove all articles of clothing faster.

Okay, so... I was bored.

[southernbelle]

Do you know the difference between a "strip-down" and a "strip-off"???

Well, a "strip-down" is where you stand before the Trustee at your 341 and just start removing articles of clothing... tossing them on the "table". This should be accompanied by you yelling... "well then just take everything, why don't you".

A "strip-off" is where the Trustee and you, in an Adversarial Proceeding, challenge each other as to who could remove all articles of clothing faster.

Okay, so... I was bored.

ROFL!!!!! I've missed you guys!

[PoorGrammyinBK7]

Do you know the difference between a "strip-down" and a "strip-off"???

Well, a "strip-down" is where you stand before the Trustee at your 341 and just start removing articles of clothing... tossing them on the "table". This should be accompanied by you yelling... "well then just take everything, why don't you".

A "strip-off" is where the Trustee and you, in an Adversarial Proceeding, challenge each other as to who could remove all articles of clothing faster.

Okay, so... I was bored.

Funny!!! Great laugh for starting my day!!

[justbroke]

Good morning all!