Is it possible to strip down a second mortgage not covered by the value of the home (primary residence)? Is it possible to strip-down the loan on a rental property to the market value of the rental home? Let us assume that the 2nd mortgage on the rental property is $90,000. The market value of the home is 280,000, while the 1st mortgage is $320,000. Would the first mortgage be striped-down to $280,000? As I understand the $280,000 should be paid within 3 to 5 years of Ch.13 plan. Should I pay an interest on the amount owed during this period? What happens to my rental income during this period? Do I receive them personally? Can I refinance or sell the property within the 5 year period of the plan to pay back the $280,000, the striped down value of the property? Thank you for your attention.