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Cram Down 2d Mortgage
There are materials posted in the Files folder to this ListServ in which there is a motion to value and related authorities where the deeds of trust are not secured only by the principal residence.
Lou Esbin
>
> See: 11 USC 1322(b)(2)
>
> And a related question, if not a principal residence, is reducing the first
> mortgage any different, procedurally, from lien stripping a second? I
> imagine the motion would need to be modified slightly (or can one motion be
> done per property?).
>
> Otherwise, is it the same process?
>
>
> _____
>
c
> f
> Sent: Wednesday, April 22, 2009 10:07 AM
> To: cdcbaa@yahoogroups.com
> Subject: [cdcbaa] Cram Down 2d Mortgage
>
>
>
>
> I am relatively new, so this may be a very basic question. Can one cram
> down a 2d mortgage on a principal home were the home is worth less than the
> balance on the 1st mortgage. For ex: 1st Mortgage is 400k, 2d is 100k and
> prop is worth about 350k. Would the second still be considered "secured"
> under the code if there isn't sufficient equity?
>
> If it can be done, what motion would I bring. Thank you.
>
> Clemente Franco
> Law Offices of Clemente Franco
> 523 W. 6th Street, Suite 830
> Los Angeles, CA 90014
> Ph: 213.623.2345
>
The post was migrated from Yahoo.
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See: 11 USC 1322(b)(2)
And a related question, if not a principal residence, is reducing the first
mortgage any different, procedurally, from lien stripping a second? I
imagine the motion would need to be modified slightly (or can one motion be
done per property?).
Otherwise, is it the same process?
_____
The post was migrated from Yahoo.
Yes, you can strip the 2nd via ch13. The 2nd will no longer be secured.
This can be done via motion or AP, depending on the judge. Correct me if
I wrong...
Jovan A. Johnson
Borowitz, Lozano & Clark, LLP
100 N. Barranca Avenue, Suite 250
West Covina, CA 91791
www.BLClaw.com
Office: (626) 332-8600
Fax: (626) 332-8644
________________________________
The post was migrated from Yahoo.
I am relatively new, so this may be a very basic question. Can one
cram down a 2d mortgage on a principal home were the home is worth less
than the balance on the 1st mortgage. For ex: 1st Mortgage is 400k,
2d is 100k and prop is worth about 350k. Would the second still be
considered "secured" under the code if there isn't sufficient equity?
If it can be done, what motion would I bring. Thank you.
Clemente Franco
Law Offices of Clemente Franco
523 W. 6th Street, Suite 830
Los Angeles, CA 90014
Ph: 213.623.2345
I am relatively new, so this may be a very basic question. Can one
cram down a 2d mortgage on a principal home were the home is worth less
than the balance on the 1st mortgage. For ex: 1st Mortgage is 400k,
2d is 100k and prop is worth about 350k. Would the second still be
considered "secured" under the code if there isn't sufficient equity? If it can be done, what motion would I bring. Thank you.Clemente FrancoLaw Offices of Clemente Franco523 W. 6th Street, Suite 830Los Angeles, CA 90014Ph: 213.623.2345
The post was migrated from Yahoo.