So this has been chatted about a little, but the background: We filed last year in june/july of 11. Discharged in sept/oct 11. Closed in august of 12 (we were an asset case). Filed in hills.
The 11th dist in FLA ruled (but hasnt published) that a second can be considered unsecured debt if the LTV is upside down for the first. We are about 30k upside down according to tax assessors website (and our accepted values on the original petition). We did not reaffirm our first but have continued to pay it on time. The second is actually a lien (not a mortgage - the mortgage was tied to a loan secured with SBA on commercial property that was sold in jan of 12) that we are looking for a satisfaction of... (it is $1.58 mil and our house is worth $102-122k so i am pretty sure we qualify as unsecured).
But what am i missing? Give me the low down, the skinny, the pros and cons... What could happen if we reopen our BK just to request having this lien removed based on the ruling out of the 11th? The creditor could object but they were included in the original bk filing and already received a distribution of the assets.
I have been looking to hire a new attorney because ours had a heart attack last year - and i just havent felt comfy with anyone that i have interviewed. Most of them have told me to wait and use SOL to strip the lien, and not to reopen the BK but no one can tell me why - what could happen if we try and fail? what am i missing here? Then i talked to one today who said, "we have been doing them now since the ruling with no problems, lets do it." I just felt he was being a little sleezy after everyone else said to wait - ugh i hate being indecisive...
If you need any additional background, let me know.
(as for keeping the property when we are 30k upside down, it is one of the reasons we didnt reaffirm, but we want to keep out options open - Yes, I know we can just walk away at this point, no i am not emotionally attached, but i cannot find another place to live or qualify for another loan and live as cheap as we do in our current house - so i look at it as paying rent atm)
The 11th dist in FLA ruled (but hasnt published) that a second can be considered unsecured debt if the LTV is upside down for the first. We are about 30k upside down according to tax assessors website (and our accepted values on the original petition). We did not reaffirm our first but have continued to pay it on time. The second is actually a lien (not a mortgage - the mortgage was tied to a loan secured with SBA on commercial property that was sold in jan of 12) that we are looking for a satisfaction of... (it is $1.58 mil and our house is worth $102-122k so i am pretty sure we qualify as unsecured).
But what am i missing? Give me the low down, the skinny, the pros and cons... What could happen if we reopen our BK just to request having this lien removed based on the ruling out of the 11th? The creditor could object but they were included in the original bk filing and already received a distribution of the assets.
I have been looking to hire a new attorney because ours had a heart attack last year - and i just havent felt comfy with anyone that i have interviewed. Most of them have told me to wait and use SOL to strip the lien, and not to reopen the BK but no one can tell me why - what could happen if we try and fail? what am i missing here? Then i talked to one today who said, "we have been doing them now since the ruling with no problems, lets do it." I just felt he was being a little sleezy after everyone else said to wait - ugh i hate being indecisive...
If you need any additional background, let me know.
(as for keeping the property when we are 30k upside down, it is one of the reasons we didnt reaffirm, but we want to keep out options open - Yes, I know we can just walk away at this point, no i am not emotionally attached, but i cannot find another place to live or qualify for another loan and live as cheap as we do in our current house - so i look at it as paying rent atm)