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Stripping a 2nd Mtg in Bankruptcy

Sat, 24 Oct 2009 10:58:53 -0000

stripping a 2nd mortgage lien in a chapter 13 bankruptcy in order to reduce the debtors' payments over the life of the plan

Highlights and Sticky Notes:

Stripping a Second Mortgage in Bankruptcy

New: Motion to Avoid Secure Lien and Strip Second Mortgage
by Victoria Ring, CEO of 713Training.Com

When I first learned of a Motion to Avoid Secure Lien and Strip Second Mortgage I was doing a petition review for an attorney. I was told that many courts are requiring that the attorney file a Motion to Avoid Secure Lien along with the Chapter 13 Plan if they intend to propose a stripped mortgage due to unsecure equity.

The attorney I was doing the bankruptcy petition review for did not have a copy of the Motion so I conducted online research to find the pleading for her. During my research I found that <at this time> there is not one specific Motion that is used for all fifty states. Instead, it is a pleading with a variety of different titles, making it difficult to find. This of course is due to the fact that the government is still debating the issue regarding the mortgage industry at this period in our history.

During my research I found an excellent article on the USFN website written by attorney Ken Plott of Lundberg & Associates. Due to copyright infringement I do not have permission to reprint the entire article for you. However, I can quote the following facts from Mr. Plott’s article:

1. Bankruptcy Code 11 U.S.C. Section 1322(b)(2) provides that a Chapter 13 plan may modify the rights of secured creditors, with the exception of <a claim secured only by a security interest in real property that is the debtor’s principal residence.>

2. The courts determined that the standard language in a trust deed or mortgage about <assignment of rents and escrow> does not jeopardize the anti-modification provision.

3. The U.S. Supreme Court in Nobelman v. American Savings Bank, 508 U.S. 324 (1993), analyzed the interplay between Section 1322(b) and Section 506(a) and determined that bifurcation was not proper as it would modify the rights of the secured creditor in contravention of Section 1322(b)(2). However, the court did not address the impact of Section 506(a) upon Section 1322(b)(2) when there is absolutely no value remaining in the collateral securing the claim.

4. It is fair to say that a majority of the jurisdictions now allow a wholly undersecured claim to be stripped and treated as an unsecured claim in a Chapter 13 plan. Some jurisdictions allow this to be done with a provision in the plan while others require an adversary proceeding to comply with Bankruptcy Rule 7001(2), a proceeding to determine the validity, priority or extent of a lien.

To read the entire article titled: “Bankruptcy Update: Reflections on Lien Stripping” online, visit:
http://www.usfn.org/AM/Template.cfm?Section=Home&SECTION=Article_Library&TEMPLATE=/CM/HTMLDisplay.cfm&CONTENTID=11893

For another excellent article about lien stripping, visit:
http://www.lienstripping.com/facts.php

For more information and to purchase your TEMPLATE now, visit:
http://www.713training.com/shop/cart.php?m=product_detail&p=114

Tags: chapter, 13, law, lawyer, bankruptcy, consumer, mortgage, second, lien, stripping

by: mazyar hedayat

10 things for Ch 13 Counsel to Know

Sat, 24 Oct 2009 10:59:55 -0000

10 Questions that Ch. 13 Counsel should be able to answer

Comments:

10 Questions that Ch. 13 Counsel should be able to answer - mazyar hedayat

Tags: no_tag

by: mazyar hedayat

bankruptcy filing procedure to file chapter 7

Fri, 21 Aug 2009 09:17:08 -0000

If your want to file chapter 7 bankruptcy online you should know the procedure how bankruptcy works online and bankruptcy codes for filing. Bankruptcy law is complex but filing for bankruptcy is easy.

Comments:

If your want to file chapter 7 bankruptcy online you should know the procedure how bankruptcy works online and bankruptcy codes for filing. Bankruptcy law is complex but filing for bankruptcy is easy. - Sherly Jhon

Tags: file, bankrptcy, law, chapter7, filing bankruptcy, online filing, file for chapter 7

by: Sherly Jhon

how about to file bankruptcy online??? using DIY4LAW

Fri, 21 Aug 2009 09:15:12 -0000

Comments:

I think its good idea to flie chapter 7 bankruptcy online.. what you think about it??????? - Sherly Jhon

Tags: no_tag

by: Sherly Jhon

Low Cost Real Estate Homes, Land, Timeshares, and Commercial Real Estate For Sale

Wed, 15 Oct 2008 10:07:22 -0000

great source of real estate

Comments:

great source of real estate - anonymous

Tags: no_tag

by: anonymous

Best Real Estate Source of the Year

Sat, 26 Jul 2008 12:03:28 -0000

Source of Real Estate property of residential,land,commercial, mobile home and timeshares property are all listed. Also we can post or selling our item here.

Comments:

Source of Real Estate property of residential,land,commercial, mobile home and timeshares property are all listed. Also we can post or selling our item here. - anonymous

Tags: beaches, commercial, duplex, family, for sale, home, industrial, lakeside, land, lots, mall, mega, mobile, property, rental, residential, resort, seaside, timeshares

by: anonymous

Great Source of Real Estate in all Country

Thu, 17 Jul 2008 10:22:17 -0000

This is a great source in real estate the best values and the nicest property over the country are listed here.Like property of residential,land,commercial, mobile home and timeshares property are all listed.This page are very useful because the listing here are upgraded everytime.More people can find property easy without spending money.

Comments:

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- anonymous
This is a great source in real estate the best values and the nicest property over the country are listed here.Like property of residential,land,commercial, mobile home and timeshares property are all listed.This page are very useful because the listing here are upgraded everytime.More people can find property easy without spending money. - anonymous

Tags: cheap, commercial, land, low cost, property, real estate, residential

by: anonymous

Algarve, properties in Albufeira

Thu, 03 Jul 2008 11:37:03 -0000

Algarve, Albufeira - more than 100 properties in Albufeira.
Since 1999 Government licensed real estate agent for Albufeira

Comments:

Algarve, Albufeira - more than 100 properties in Albufeira.
Since 1999 Government licensed real estate agent for Albufeira - Sheila P

Tags: algarve, almancil, apartment, central, eastalgarve, easteralgarve, eastern, easternalgarve, fuseta, fuzeta, holidays, moncarapacho, olhao, portugal, properties, property, tavira, triangle, vacation, vale, vilamoura, villa

by: Sheila P

Properties in Portugal

Thu, 03 Jul 2008 11:37:03 -0000

Properties in Portugal. More than 600 properties available in Portugal.

Comments:

Properties in Portugal. More than 600 properties available in Portugal. - Sheila P

Tags: algarve, almancil, eastalgarve, eastern, easternalgarve, fuseta, fuzeta, holidays, moncarapacho, olhao, portugal, tavira, triangle, vacation, vale, vilamoura, villa

by: Sheila P

Portugal, properties in Vale de Lobo

Thu, 03 Jul 2008 11:37:03 -0000

Algarve, Vale do Lobo - official real estate partner for Vale do Lobo Golf and Beach Resort. All the properties in Vale do Lobo available.

Comments:

Algarve, Vale do Lobo - official real estate partner for Vale do Lobo Golf and Beach Resort. All the properties in Vale do Lobo available. - Sheila P

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by: Sheila P

Portugal, properties in the Silver Coast

Thu, 03 Jul 2008 11:37:03 -0000

Portugal Silver Coast - more than 300 properties in the Silver Coast, Lisbon Coast and Central Portugal.
Since 1999 Government licensed real estate agent in the Silver Coast and Centrl Portugal

Comments:

Portugal Silver Coast - more than 300 properties in the Silver Coast, Lisbon Coast and Central Portugal.
Since 1999 Government licensed real estate agent in the Silver Coast and Centrl Portugal - Sheila P

Tags: central, coast, holidays, lisbon, portugal, properties, property, silver, vacation, west

by: Sheila P

Portugal Algarve, properties in Tavira

Thu, 03 Jul 2008 11:37:03 -0000

Algarve, Tavira - more than 100 in Tavira.
Goverment licensed real estate agent for Tavira since 1999

Comments:

Algarve, Tavira - more than 100 in Tavira.
Goverment licensed real estate agent for Tavira since 1999 - Sheila P

Tags: algarve, almancil, eastalgarve, easteralgarve, eastern, fuseta, fuzeta, holidays, moncarapacho, olhao, portugal, properties, property, tavira, vacation, vilamoura

by: Sheila P

Portugal, Properties in Algarve

Thu, 03 Jul 2008 11:37:03 -0000

Portugal, Algarve - more than 250 properties in the Algarve.
Government licensed real estate agent in the Algarve since 1999

Comments:

Portugal, Algarve - more than 250 properties in the Algarve.
Government licensed real estate agent in the Algarve since 1999 - Sheila P

Tags: almancil, eastalgarve, easternalgarve, fuseta, fuzeta, holidays, moncarapacho, olhao, properties, property, tavira, vacation, vilamoura

by: Sheila P

Algarve - Portugal

Thu, 03 Jul 2008 11:37:02 -0000

All the releant information you need to know on the Algarve is there...

Comments:

All the releant information you need to know on the Algarve is there... - Sheila P

Tags: algarve, almancil, apartment, central, coast, do, eastalgarve, easteralgarve, eastern, easternalgarve, fuseta, fuzeta, holidays, lisbon, lobo, moncarapacho, olhao, portugal, properties, property, silver, tavira, triangle, vacation, vale, vilamoura, villa, west

by: Sheila P

AlgarveProperties » Algarve

Thu, 03 Jul 2008 11:37:02 -0000

Useful links to web pages on the Algarve

Comments:

Useful links to web pages on the Algarve - Sheila P

Tags: algarve, almancil, eastalgarve, easternalgarve, fuseta, fuzeta, holidays, moncarapacho, olhao, portugal, tavira, vacation, vilamoura

by: Sheila P

UST Chicago (Region 11)

Fri, 06 Jun 2008 15:34:00 -0000

Save Bookmark

Comments:

Save Bookmark - mazyar hedayat

Tags: 11, bankruptcy, chicago, links, region, ust

by: mazyar hedayat

U.S. Trustee Program/Dept. of Justice

Fri, 06 Jun 2008 15:31:30 -0000

Save Bookmark

Comments:

Save Bookmark - mazyar hedayat

Tags: bankruptcy, chicago, doj, links, ust

by: mazyar hedayat

The rising of businesses in using of credit cards for start-up financing

Tue, 05 Feb 2008 08:06:33 -0000

Comments:

How business credit cards help Start-up Businesses in financing? Today, more and more businesses are using business credit cards in financing their start-up business. Find out the reasons through this article. - anonymous

Tags: advanta, amex, business, card, chase, citi, citibusiness, credit, discover, finance, personal

by: anonymous

Stopping Foreclosure Resources

Sat, 19 Jan 2008 23:12:06 -0000

Tags: bankruptcy, foreclosure

by: mazyar hedayat

mike nifong bankruptcy - Google News

Thu, 17 Jan 2008 13:36:00 -0000

Highlights and Sticky Notes:

SI.com

Michael Nifong, Duke Lacrosse Prosecutor, Files for Bankruptcy
Bloomberg - Jan 15, 2008
The case is: In re Michael B. Nifong, 08-80034, US Bankruptcy Court, Middle District of North Carolina (Durham).

Tags: bankruptcy, bkblog

by: mazyar hedayat