mortgage stripping

[eddiep]

Can a second or third mortgage be stripped if the house is worth more than I owe? What about a chapter 13 to force the bank to restructure my mortgage and then file a chapter 7 for the cc debt. If I could stretch my mortgages out to 30 years it would cut my payment in half.

[wees]

Hi i found this link.. http://loanworkout.org/2008/10/princ...th-bankruptcy/ I hope this will help you.

[eddiep]

Thank you,

Is it just me or does the example they use not work?
house worth 300k
first mortgage 200K
Second 100k

they say second not secured? Why?

[TEW]

Thank you,

Is it just me or does the example they use not work?
house worth 300k
first mortgage 200K
Second 100k

they say second not secured? Why?

you can strip the second in a chapter 13 not a 7

[eddiep]

I know, what I mean is if you add the first and second mortgages in that example they do not equal more than the value of the home.

[justbroke]

Can a second or third mortgage be stripped if the house is worth more than I owe? What about a chapter 13 to force the bank to restructure my mortgage and then file a chapter 7 for the cc debt. If I could stretch my mortgages out to 30 years it would cut my payment in half.

You can only do lien stripping in a Chapter 13.

Currently, there is no way to force a bank to modify a mortgage secured by your primary residence.

There is a great sticky in the Chapter 13 area of the site, and my blog also contains good information on lien stripping in a Chapter 13.

Link to Lien Stripping sticky: https://www.bkforum.com/node/32398