Chapter 7: Lien Strip Alive in Florida!

[justbroke]

TBA, are you talking about the 2 petitions that I listed earlier in this thread (for a Chapter 7 lien strip)? I personally prefer a residential appraisal on a URAR since that would trump the tax assessor's valuation. I'd rather not get into a contest over who has the better valuation. In a court of equity, it's always "best" evidence.

In no way do I say that you can't use Zillow, some other AVM (automated valuation method), or even the tax assessor's value. I suppose I am just thorough and send the message that I'm prepared to fight with an expert witness. In many cases, some can't afford the $250-500 to have an appraisal performed so they submit their "best" evidence.

[IBroke]

IBroke, is there any reason you are doing the appraisal and not using the tax assessors value (or are you referring to personal property and i just cannot read this am?)? the only reason i ask is because the two petitions i saw used the tax assessors value and were accepted by the judge.

Just curious.

Hi TBA,

The appraisal is indeed for my mom's personal belongings (furniture etc.). The value of the house is far below the balance of the first mortgage- so that won't be an issue (Zillow: $340K, first mortgage-balance: $550K).

The attorney said that the trustee will likely have an issue with the fact that my mum only listed relatively few items as her stuff - in relation to the size of the house. After all, he is not aware of the fact that I recently purchased lots of new furniture in my name. So in order to avoid any delay, we will have the appraisal ready.

[TBA]

Quick update. 30 days have passed and Creditor hasnt responded to filing neg notice! Will update again shortly when i have more.

[brokeinfl]

Just got the official lien strip notice yesterday. All that's required now is to record at the clerk of courts! We also used tax assessors value, so it is possible.

[tobee43]

that is GREAT news for so many!!!!!!!!!!!!

[TBA]

Got my order signed and done (I think my atty dropped the ball with format or some goofy thing...)! Going to send it to the lender and request they file a release within 30 days. Crossing my fingers they do. If not, will be filing the order with my discharge papers. I hope that will work for the title company when it comes time to sell

How is everyone else doing on this?

[justbroke]

The creditor should do the Release within 30 days of receiving the order. The Order should have had the creditor's address on the "Copies To" at the bottom. Your Order may be "recordable", but I don't know if that will work to Release the mortgage in all cases. I may not want to record the actual Order from the bankruptcy court, because that record will be in the County's system... forever.

[TBA]

They did send the order to the lender. The order doesnt actually require them file a release though. it states that my filing of the order and my discharge will allow for release. i can wait and see if they file it. What can i do if they do not? Any ideas?

[justbroke]

They did send the order to the lender. The order doesnt actually require them file a release though. it states that my filing of the order and my discharge will allow for release. i can wait and see if they file it. What can i do if they do not? Any ideas?

The law requires them to file a release and to return the originals to you (if they were not destroyed). If they do not, you go back to the bankruptcy court for a contempt order.

[TBA]

Thanks JB. I will let you know how it goes. Crossing my fingers. can you tell me what law to quote when i yell at the bank ? Nicely of course

[justbroke]

Since you are in Florida, just check the Clerk of the Court's Official Records. You should see the Release of Mortgage in that system. Just search by your name.