Re: 2nd Mortgage

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Posted by: Elmo on 12/29/03:

In Reply to: 2nd Mortgage posted by: CeCE on December 29, 2003 at 19:48:56:

: Hi Elmo, If there is a second mortgage on home and it is with the same financial company and the house is not worth what the amount of 2nd mortgage and you are just paying the 1st mortgage and no one is saying anything about the 2nd. Am I to say something? I plan to die out of this house. I am in a ch13 and current. Have been 14 or more months. I know this is a run on sentence. Happy New Year!! CeCe in MO. Do you are have you heard how citifinancial operate? They use to be Associate Fin. Let me hear from you. I value what you have told me . Nothing been wrong so far.

Happy New Year CeCe. I haven't heard anything about Citifinancial as far as them doing anything different from any other mortgage company. I know that if you don't stay current on both mortgages, either can file for relief from stay and foreclose.
Some districts (Dist 9 - Calif) still allow stripping of voluntarily liens (mortgage secured only by your house) in Ch13, but as a rule, lien stripping can be done on anything but a mortgage.
To even be considered for lien stripping the first mortgage has to equal or exceed the value of the property.
It's not likely in Missouri, but it wouldn't hurt to ask your attorney if the 2nd mortgage was stripped. If it wasn't, you may be in default on the 2nd mortgage and it could be just a matter of time before they file for relief.
You may want to contact the Citifinancial on the advice of your attorney and ask about the status of the 2nd mortgage. Who knows where they've applied the payments received from the Trustee. When it all surfaces, and it will, you want to be ready and know what your options are.

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Subject : Re: Re: 2nd Mortgage

Comments:
: : Hi Elmo, If there is a second mortgage on home and it is with the same financial company and the house is not worth what the amount of 2nd mortgage and you are just paying the 1st mortgage and no one is saying anything about the 2nd. Am I to say something? I plan to die out of this house. I am in a ch13 and current. Have been 14 or more months. I know this is a run on sentence. Happy New Year!! CeCe in MO. Do you are have you heard how citifinancial operate? They use to be Associate Fin. Let me hear from you. I value what you have told me . Nothing been wrong so far.

:
: Happy New Year CeCe. I haven't heard anything about Citifinancial as far as them doing anything different from any other mortgage company. I know that if you don't stay current on both mortgages, either can file for relief from stay and foreclose.

: Some districts (Dist 9 - Calif) still allow stripping of voluntarily liens (mortgage secured only by your house) in Ch13, but as a rule, <a href=http://www.moranlaw.net/limitations.htm>lien stripping</a> can be done on anything but a mortgage.

: To even be considered for lien stripping the first mortgage has to equal or exceed the value of the property.

: It's not likely in Missouri, but it wouldn't hurt to ask your attorney if the 2nd mortgage was stripped. If it wasn't, you may be in default on the 2nd mortgage and it could be just a matter of time before they file for relief.

: You may want to contact the Citifinancial on the advice of your attorney and ask about the status of the 2nd mortgage. Who knows where they've applied the payments received from the Trustee. When it all surfaces, and it will, you want to be ready and know what your options are.

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