Strip Your Second Mortgage in Chapter 13 Bankruptcy - www.andrewgriffinlawoffice.com San Diego Law. Getting a VA Loan After Bankruptcy: What You Should Know
Strip Your Second Mortgage in Chapter 13 Bankruptcy - www.andrewgriffinlawoffice.com San Diego Law video duration 2 Minute(s) 51 Second(s), published by The Law Office of Andrew H. Griffin,III APC on 07 08 2018 - 01:39:47.
Andrew H
Griffin III APC www.andrewgriffinlawoffice.com griffinlaw@mac.com 619-440-5000 Attorney Andrew H
Griffin, III, Esq
of the Law Office of Andrew H https://www.mplx.org/blog/how-soon-can-you-qualify-for-a-va-loan-after-a-bankruptcy/#.XWCpEehKjEg How soon can you qualify for a VA loan after a .
1
FHA Versus Conventional Loan After Bankruptcy And Foreclosure * Home buyers can qualify for a mortgage loan after bankruptcy, foreclosure, deed in lieu of In this video, Kevin Hanly interprets mortgages referring to a chapter 13 bankruptcy plan
Including how a mortgage and multiple mortgages will be dealt with in If you're a veteran who has filed bankruptcy, that doesn't necessarily mean you won't be able to get a VA loan or that you'll have to wait for years to meet .
Andrew H. Griffin III APC
www.andrewgriffinlawoffice.com
griffinlaw@mac.com
619-440-5000
Attorney Andrew H. Griffin, III, Esq. of the Law Office of Andrew H. Griffin, III, APC explains how you can get rid of that second mortgage if you file for chapter 13 bankruptcy. For more information, please visit http://andrewgriffinlawoffice.com
VIDEO NOTES
Hello, my name is Andrew H. Griffin, III. I am a California bankruptcy attorney with over 35 years of experience.
You can get rid of a second mortgage in a Chapter 13 bankruptcy, but beware the opposing expert.
We’ve talked about dealing with a second mortgage in a Chapter 13 bankruptcy. It can be a simple exercise so long as your first mortgage eats up all of the equity in the home.
If the first mortgage eats up the equity, the second mortgage can be treated the same way as any other unsecured debt in your Chapter 13 bankruptcy. If you’re paying (for example) $0.10 on the dollar to your credit card companies, you pay that same percentage to your second mortgage through your Chapter 13 Plan.
At the end of the case, the balance of the second mortgage gets wiped out. That is, unless there’s a battle.
Second Mortgage Valuation Is Important
As part of what’s called a “lien strip” you’ve got to prove the value of the property. That valuation should be done with a full-on appraisal rather than a letter from a real estate broker or online valuation service.
The appraisal will cost a bit of money, but nothing compared to the savings you’ll get in the long-run from dumping your second mortgage.
Best bet is to get the appraisal done before your Chapter 13 bankruptcy case is filed. This way, your lawyer has a good idea of what to expect in terms of a result in the lien strip.
The Dreaded Other Side
Nothing’s guaranteed except death and taxes – and lien stripping is neither of those two animals.
Your second mortgage company is going to be affected by your attempt to wipe out their lien on your home, so don’t expect things to go down easy.
The bank can order a separate appraisal and offer it to the court as proof that the second mortgage should not be stripped in your bankruptcy case.
From there, it’s up to the bankruptcy court to decide which appraisal to believe.
Your Best Bet For Lien Stripping
Work with your bankruptcy lawyer to get an appraisal of your home before the case is filed. If the valuation comes back as being close to the balance on the first mortgage, consider whether that appraisal takes into account all factors of valuation.
From there, you and your lawyer can weigh whether attempting to strip the second mortgage is a good move. After all, filing for Chapter 13 bankruptcy for the primary purpose of stripping a lien is only wise if you’ve got a reasonable certainty of success.
This is Andrew H. Griffin, III at andrewgriffinlawoffice.com. Today, we are helping you understand the bankruptcy process. If you want to learn more about bankruptcy go to andrewgriffinlawoffice.com to download a free copy of my book.
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Andrew H. Griffin III APC
www.andrewgriffinlawoffice.com
griffinlaw@mac.com
619-440-5000
Other Video about Strip Your Second Mortgage in Chapter 13 Bankruptcy - www.andrewgriffinlawoffice.com San Diego Law:
Kevin Hanly Esq. Consumer Bankruptcy Series Episode Nine – Chapter 13 Bankruptcy: Mortgages
In this video, Kevin Hanly interprets mortgages referring to a chapter 13 bankruptcy planIncluding how a mortgage and multiple mortgages will be dealt with in .
Getting a VA Loan After Bankruptcy: What You Should Know
If you're a veteran who has filed bankruptcy, that doesn't necessarily mean you won't be able to get a VA loan or that you'll have to wait for years to meet .
How soon can you qualify for a VA loan after a bankruptcy?
https://www.mplx.org/blog/how-soon-can-you-qualify-for-a-va-loan-after-a-bankruptcy/#.XWCpEehKjEg How soon can you qualify for a VA loan after a .
FHA And Conventional Bankruptcy Guidelines
1FHA Versus Conventional Loan After Bankruptcy And Foreclosure * Home buyers can qualify for a mortgage loan after bankruptcy, foreclosure, deed in lieu of .
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