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mazyar hedayat

Stripping a 2nd Mtg in Bankruptcy - 2 views

  • 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
anonymous

Professional Conference Call Transcription Services - 0 views

Conference calls are an important part of today's business world. The increase in popularity of conference calls has led to the emergence of a niche business sector of conference call transcription...

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started by anonymous on 10 Dec 12 no follow-up yet
anonymous

Advantages of Working with a Legal Transcription Company - 0 views

Are you looking for a more flexible legal transcription solution that can reduce stress and ensure more efficiency? A solution that will allow you to dictate your legal letters and briefs into a to...

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started by anonymous on 08 Jan 13 no follow-up yet
anonymous

Outsourcing Legal Transcription Benefits Law Firms and Legal Departments - 0 views

Legal professionals have to deal with a vast amount of legal information including client letters, court proceedings, legal letters, rulings, court transcripts and other forms of communication. Tra...

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started by anonymous on 03 Dec 12 no follow-up yet
anonymous

Great Source of Real Estate in all Country - 0 views

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    The best values and the nicest properties in America and all of over the country,Canada, Mexico are offered in that page. All properties of residential, land, commercial, mobile home and timeshares property are also offered in that page for cheap values. I'm glad that I found this this is very usefull to a person like me. All are offered in http://lowcost-realestate.com
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    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.
selina kumari

Products-Laurier Optical Boutique, Sunglasses, Frames in Orleans - 0 views

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    We offer full service optometric office & eye fashion boutique, Sunglasses, Frames in Orleans. Book your new look at the Innes eye clinic in Orleans
yosefong

What are Online Notary Services? - 2 views

With the advent of mobile devices like smartphones and tablets, trying to find a notary public online has never been easier. And with that, many notaries public have now taken their local notary se...

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started by yosefong on 11 Jun 12 no follow-up yet
Sheila P

Portugal, Properties in Algarve - 0 views

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

Portugal, properties in the Silver Coast - 0 views

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    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

Properties in Portugal - 0 views

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

Welcome to Business Consulting Ottawa call us -613.837.5000 - 0 views

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    UPCOM is available to help effective companies develop more powerful or to aid delayed companies in splitting through to the next level. We provide companies in good market roles with strong financial records, by integrating with control to recognize possibilities,enhance performance and create a aggressive advantage.
Jaicksa Harrison

Cash Loan Today- Practical Funds To Fulfill All Unforeseen Monetary Uncertainties - 0 views

Cash loans today are most feasible financial support for those applicants who are facing some problem in meeting urgent cash requirements when do not have sufficient funds in your hands in exigency...

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started by Jaicksa Harrison on 13 Jun 15 no follow-up yet
Jaicksa Harrison

Cash Loan Today- Easiest Finance To Solve Your Unexpected Fiscal Crisis - 0 views

If you are running in unannounced fiscal emergencies when do not have sufficient funds in your hands and are looking for suitable finance in urgency time without any inconvenience then you can appl...

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started by Jaicksa Harrison on 07 Jul 15 no follow-up yet
Nicole Smith

The Best Mortgage Company in Adelaide - 2 views

I am so thankful with ACQUIRED HOME LOANS. They helped me get the dream house I always wanted to have. They helped me acquire a home loan that suited my needs. Their expert mortgage consultants wer...

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started by Nicole Smith on 02 Oct 11 no follow-up yet
Sherly Jhon

Become Debt Free with the help from Bankruptcy Attorney - 0 views

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    Despite signs that the economy is slowly improving, bankruptcy filings continued to climb in Massachusetts for the fourth straight year. A BANKRUPTCY ATTORNEY will be available to help you from anywhere in USA with free case evaluation from DebtFreeBankruptcyAttorney.com
Justin Pierce

The Most Excellent Bookkeeping Services - 1 views

When I was still single, I had all the time to manage my gift shop. But when I got married a year ago, I found it really hard to give equal attention to my business as well as to my roles as a wife...

started by Justin Pierce on 27 Sep 12 no follow-up yet
selina kumari

Looking for Divorce Lawyers in Perth WA Call us on (08) 9218 9993 - 0 views

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    In Perth, we have a "no fault" program of separation and breakup, centered essentially upon the most crucial of an "irretrievable malfunction of a wedding. It is a sad reality of lifestyle that, sometimes, connections do not perform out, and it is not actually the situation that anyone is the reason for that.
Cheryl Mueller

Used Cars For Sale in Temple Hills, Alexandria, Washington DC - Temple Hills Used Car D... - 0 views

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    Car Smart Now - Looking for a used car for sale in the Temple Hills, Alexandria, Washington DC area? We offer a large selection used acura, dodge, ford, chrysler, honda, mitsubishi, toyota, chevrolet, gmc, saturn, pontiac, jeep, mazda, nissan, volkswagen and volvo cars for sale.
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Henry Jaxx

Effective Speaking Strategies - 1 views

I really love to speak even when I was still in my teenage years. I used to join in school speaking competition both in the secondary and tertiary levels to enhance my skills. But those experiences...

started by Henry Jaxx on 29 Oct 12 no follow-up yet
micheal knight

Sincere And Dedicated Used Car Dealers - 1 views

Since a car is a necessity in my day to day life, I decided to buy one with the tight budget that I had. But my problem was that, I am not really good at evaluating a car and I really needed help a...

started by micheal knight on 17 Sep 12 no follow-up yet
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