Modifying Credit Union Lien on Personal Residence if it extends to CU shares
Posted: Mon Jul 01, 2013 9:21 pm
506d motion. Allege the lien has additional collateral and you can modify the lien.
d
Sent from my iPad
On Jul 1, 2013, at 12:46 PM, Alik Segal wrote:
> Chapter 13 before confirmation. 1st mortgage on personal residence is fully secured. 2nd mortgage held by credit union (CU) is partially secured based on the value already set by the court.
>
> We reviewed the 2nd mortgage documents and noted that CU extends the lien to CU shares which are not part of the residence. Lien also extends to homeowner insurance premium refunds (not only insurance proceeds but also premium refunds). Considering that the lien extends to property other than personal residence, this lien should be modifiable.
>
> A. Is anyone aware of similar published opinions?
> B. What is the procedure to declare the lien modifiable?
> 1. Simply amend the plan and stop payments?
> 2. Motion or AP to declare lien modifiable and to suspend payments?
>
>
>
> --
> Alik Segal
> Alik.Segal@gmail.com
> 310-362-6157
> California Central District
>
The post was migrated from Yahoo.