HOMO 2nd Loan after Ch7; no reaffirm

[IBroke]

My mother is finally getting closer to her BK CH7-filing in order to strip the second - only one installment to the attorney left..

We will be dealing with the pre-filing course, paperwork and tax-filing for 2012 probably on the final weekend of this month. Last installment to the attorney is scheduled for the last of the month......and THEN we can finally pull the trigger.

I assume that will be early enough to avoid a potential turnover of the McNeal ruling...

[TBA]

We are in mid dist FL as well. We did not have an appraisal done at the time, but we can do a retro if necessary. The value listed at the time of filing was drawn from the tax assessors and the ttee didnt question it, even though she ordered appraisals on our other assets. As i said, our attorney is waiting on this hearing coming up to see what the judge is looking for.

Our case is a bit different - the 2nd mtg on our home is actually tied to a business real estate loan in which the RE was already sold at auction and the creditor was paid as unsecured already (we were an asset case). IDK how this will play out. I will let you all know something when i do

[TBA]

So the hearing that was scheduled for Mon never took place - instead, an order was issued granting the stripping of the second without an appraisal on the case we were watching (and that was our judge!!!)! Now we need to see what happens to the other one on thurs! Then we should be filing our request! HOORAY!

[tobee43]

that is excellent news TBA! especially for all of those in the middle district!

(i'm here, but didn't owe a home in fl at the time of our bk).

[justbroke]

So the hearing that was scheduled for Mon never took place - instead, an order was issued granting the stripping of the second without an appraisal on the case we were watching (and that was our judge!!!)! Now we need to see what happens to the other one on thurs! Then we should be filing our request! HOORAY!

I started a thread on the two cases...

Chapter 7 Lien Strip

[InOverHead]

TBA - Good news, congrats.

Wondering what if any repercussions come from reopening? For example i have been waiting to open my first post BK card. Does the clock reset? Should i try to open one right away before pursuing this any further?

My Attorney contacted me after a few email requests. He is willing to go ahead with it but said we should move quickly. Also he charges $300 for reopening and $250 for filing. Sound fair? I guess it wouldnt matter much as $550 to be rid of 40k is totally worth it and not even sure if contacting another attorney is a good idea.

[TBA]

that sounds about right... but make sure it includes attendance for hearings should one be required and amendments to the original petition should that be required. GL and keep us in the loop.

[InOverHead]

Thanks TBA. Actually i looked again and it's $350 for filing the motion + 250 court cost with another $300 due if objection and he has to go to court - but said that's unlikely if i am indeed underwater on the 1st.

I am still concerned about what happens when it's reopned. I would hate to give anyone a 2nd chance to bring anything up and already mentioned have been waiting watching my credit scores creep up and distancing myself from the date...
Plus, still can't figure out if it's the smart thing to do - trying to stay in a house that's underwater. Especially becuase it's an i/o loan so the 6 years i have been paying have not touched principle, so next year interest will kick in, thne who knows what with insurarnce, but trend has been yearly increases - sometimes substantial. It's tough trying to commit to that. However, if i do stay another few years and properties increase. then say someone offers 190 or 200k? well, without that 2nd i wouldnt have to short sale and could make money.

Leary of working with same attorney, especially if he is high priced as the initial filing left a LOT to be desired. Just don't know if having a different one confuses the issue?