Modifying Credit Union Lien on Personal Residence if it
Posted: Mon Jul 01, 2013 1:42 pm
Alik,
Before you get too far, be sure the Debtor's can pay off the remaining
balance on the 2nd fully through the plan. What you are talking about
doing is bifurcating the lien into secured and unsecured parts. I did this
recently through motion. Below is part of the POA:
11 U.S.C. 1322(b)(2) provides that a debtor may modify the rights of
holders of secured claims, other than a claim secured only be a security
interest in real property that is the debtors principal residence,. However,
e
secured creditor, the loan must be paid in full over the life of the plan
(which may not exceed five years). *In re Enewally,* 368 F.3d 1165, 1171
(9th Cir. 2004).
Best Regards,
*Link Schrader, Attorney*
Law Office of Link W. Schrader
Mail: P.O. Box 3723, Tustin, CA 92781
Office: 106 W. 4th Street, Suite #308, Santa Ana, CA 92701
Office: (714) 542-5922; Mobile/Text: (310) 413-6924
San Diego: (619) 952-8342; Fax: (310) 878-4158
www.schrader-law.com
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