Can someone tell me how lien stripping works >

[BKcrazy]

You sound like me! I've been so lucky to have my mom behind me in all this. They have a property in the state I moved to, so essentially I'm housesitting. She just had me make a few promises, and said to get myself back together. We don't have those voting issues. I've never voted. I have no idea who I would vote for, cause none of the politicians ever make sense to me. I love that you said that your mother! Funny how even in this type of situation we still find some humor!

[mesa777]

I am confused as the attorney that I spoke with here in Arizona did not say anything in regards to if the BK had to be a chapter 7 or 13... I think alot of banks in the country are about to have the flood gates open on lien stripping!!!

[rrockinggramma]

To Rick in Michigan, as michigan has a 6 month redemption clause after the foreclosure, your mortgage company just might be willing to "short sale" the house back to you. GL!

[RickInMich]

rrockinggramma, tell me more. How would that work with us having a second mortgage? Or would the second mortgage be "released" at the sheriff's sale anyway?

[FreshLikeADaisy]

BKcrazy, thanks. The voting thing is a running joke between us. I pretend to be ghastly in my liberalism and she pretends to be shocked. More or less, anyway. When I told her I'd vote for Hilary just to get Bill back in office, I was sure I'd have to pack. But it blew over. (And I didn't mean it anyway; the shock value was so high I couldn't pass it up. )

Wonderful opportunity you have -- that "housesitting" gig sounds like the perfect lifeboat. I really wish you well in your fresh start. I think that when we leave a place we essentially despise for one reason or another, it can't help but get better: maybe that "despising" is nothing more than an ongoing gut realization that we're just in the wrong place anyway. Good luck to you!!!

[HAP]

Well, we just got the news today that the appraiser has gone as low as he could legally go but we still needed him to go about $886 lower to be below what we owe on our house (at least the balance anyway) maybe the payoff would be higher with the interest?).

At any rate, it looks like we will now be looking into a Chapter 7 if possible. Maybe this is all for the best as I am now toying around with the idea of moving to Florida.

Just wanted to post this for anyone (Mesa) that had inquired. Good luck to your quest!

[mesa777]

I am going to try and strip off the 2nd... My question is this... IF I can barely pay my bills and I will be forced into a ch 13 to lien strip how am I supposed to be able to afford a ch 13 payment plan??? I am about to say... just take this house, this money pit and keep it!!!!

[HAP]

Well if we were to have gone the Chapter 13 route, our payments would have probably been about $100/month for 36 months. Basically our attorney said we would have been paying attorney's fee, trustee's fee and that was it. We're in NC so the bk laws may be different here (I have heard this is a "debtor's" state though).

[FreshLikeADaisy]

HAP, would trying a second appraiser make any difference? Less than $1000... seems such a shame.

On the other hand, maybe your decision is made for you...

Good luck!!!!

[HAP]

Well, this guy is sent a lot of business by my dad who is a realtor (there also friends more or less) I would think knowing the story and being friendly with my dad, if he couldn't make it work I don't know who could.

We hadn't heard from the appraiser in a few days so when I saw my dad this morning he said "let me call him". Well he was out at the time so my dad said he'd call me after he spoke to him. About 15 minutes later I was driving down the road thinking about should we just let the house go and find a place to rent whether it be NC or FL and kind of said in my head - give me a sign one way or another. About 2 minutes later my cell phone rang and it was my dad saying Thad (the appraiser) did the best he could but just couldn't find a way to go any lower (and not do anything unethical that is).

So, I guess I'm taking that as a sign. I just can't see staying in the house and paying $1,800 a month on a 1600 sq. ft. house when we have a chance to ditch the $47,000 HEL.

Now the question is stay in NC or try out FL. I figure if we're going to do it after saving up for a good 6 months since we won't be paying anything but basic living expenses (other than another $1,200 to the attorney to file a 7), now might be the time to do it.

My biggest thing is I'd hate to leave my parents. My son is so close to them (as am I) my dad has said he could easily be persuaded to move to FL (mom might take a little more persuasion but she has a sister in Inverness and a brother in Jacksonville) and if we'd be down there, I'm sure she'd come around.

Well, just one more thing to occupy my mind lately. Thanks for all the advice again!

[FreshLikeADaisy]

...I was driving down the road thinking about should we just let the house go and find a place to rent whether it be NC or FL and kind of said in my head - give me a sign one way or another. About 2 minutes later my cell phone rang and it was my dad saying Thad (the appraiser) did the best he could but just couldn't find a way to go any lower...

I'd take it as a sign too, to be honest with you. God knows I've gone forward with a lot less from time to time.

Good luck to you, wherever you end up!!! Florida is not easy, the heat is tremendous and the traffic can be horrendous compared to where you are now, but if that's where you're supposed to be, you'll thrive anyway. My personal philosophy is showing here, obviously! You should find it easy to get an inexpensive rental (foreclosures abound down here) but whoever is going to be working for a paycheck in the family should check out the job prospects before coming down, just to make sure there's work available in your desired field. Good luck!!!