Lien avoidance motion- amount of lien
Posted: Thu Apr 25, 2013 1:31 pm
Principal residence
Wholly unsecured 2nd DOT.
The issue is the amount due on the 2nd DOT.
On Thu, Apr 25, 2013 at 1:00 PM, Mark J. Markus wrote:
> **
>
>
> FIrst, if this is on real property, you cannot partially strip a lien;
> it's either wholly unsecured or it's not. If it is a rental property you
> could partially strip, but would then have to pay the remaining balance in
> full during the plan term (in a Chapter 13. Chapter 11 could be longer).
>
> I believe if a case has been filed you can subpoena, or at least do a
> RESPA request, for the balance owed. That is one way to go if you don't
> have any documentation. Another would be to call the lender and ask.
> Third best would be to estimate based on the original amount, and then
> subtract out mortgage payments made, and have the debtor (or whomever made
> the payments) sign a Declaration attesting to that.
>
> How important any or all of the above is really depends on the numbers and
> how close you are. If the value of the property is $200,000 and the 1st
> Mortgage is $500,000 and it was taken out 2 years ago, nobody is going to
> dispute the strip of the 2nd mortgage if you don't have exact numbers on
> what's owed to the first. But if the original loan was $200,000, then you
> have issues.
>
> *************************
> Mark J. Markus
> Law Office of Mark J. Markus
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> On 4/25/2013 12:39 PM, Kirk Brennan wrote:
>
> Also, if you underestimate the amount, does the difference between the
> amount actually due and the amount listed in the motion remain attached to
> the property?
>
> For example, you estimate the 2nd DOT amount due at $100K and it is
> actually $110K.
>
>
> On Thu, Apr 25, 2013 at 12:37 PM, Kirk Brennan wrote:
>
The post was migrated from Yahoo.