lien strip

Spring Hill, FL Viewed 197 times. Posted 4 months ago in Bankruptcy / Chapter 13
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My second mortage( HELOC) is 43,000 , My 1st mortgage according to my monthly statement is 119,600. Is that what I owe? or is it more? Zillow shows my value at 119,500. My principle goes down each month by about 135.00. Can I strip my second lien
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according to my consultation with the lawyer Go chapter 13 instead of 7 so 2nd can be stripped. I was told to try and get food stamps and that my disposable income would only cost me 100 a month for 3yrs. mostly her fee. can this be? Is my 1st too close as to being underwater?
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Answers (1)

Kristine Caroline Kyllander

Kristine Caroline Kyllander

Contributor Level 4
This attorney is licensed in California. Posted 4 months ago. Flag as objectionable
For the lien strip to work the value of your home must be less than what you owe on the first mortgage. How you determine the value can be disputed and zillow is by no means strong enough to prove your value.
You should obtain a qualified appraisal on the property before you decide to move forward with the lien strip because it sounds like you are pretty close.
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