Attorney & Law Firm Directory Verified US Attorneys
Sign In Free Sign Up

CA CHAPTER 13 & "LIEN STRIPPING"

3 views 1 answers
We own a house in Daly City in which we live in. My husband is in sales so we are having a hard time financially. Our mortgage is set to go up in January 2009. We bought the house for $710,000 and now houses on our block are selling for $450,000-$500,000. We were thinking of filing Ch. 13 bankruptcy & heard about lien stripping. Can you give me information & advice on this please. Thank you.

Attorney Answer

1
Kevin Johnson ·
Lien stripping in bankruptcy involves taking a lien off a piece of real property that is no longer able to be secured. Usually this is done with second mortgages, whereby the first mortgage holds 100% of the appraised value of the home, so that if the house is sold there will be zero dollars for the second mortgage. If the value covers the first mortgage and even the a percentage of the second mortgage cannot be stripped., then the lien
0 upvotes

Browse by Practice Area

Litigation 203,509 attorneys Real Estate 156,159 attorneys Personal Injury 149,024 attorneys Criminal Defense 99,634 attorneys Family Law 95,894 attorneys General Practice 90,854 attorneys Business Law 84,818 attorneys Business 82,448 attorneys Criminal Law 72,552 attorneys Intellectual Property 61,381 attorneys

Browse by State

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii