New Web Pages and Lien Stripping

I am working a new web site for our business at http://www।bratcherlaw.biz/.
We had a very exciting week। We filed several adversary cases against mortgage companies, and I see more to be filed in the next few weeks. With my client's permission, I hope to bring you some updates as these cases go forward.

We file several different types of cases against mortgage companies. One of the coolest things about bankruptcy law is that you can lien strip second mortgages if they are whole unsecured. I know you are saying what the heck does that mean.

Let's say that a house is worth $100,000. The first mortgage is for $110,000. Then there is a second mortgage (or in Missouri a deed of trust) for $25,000. Lenders are only secured up to the value of the property. So, in this case the first lender is under secured by $10,000. The value of the property is less than the lien by $10,000. Moreover, the second lender has nothing securing their lien. They are unsecured because the property has no value left over from the first lien. So, in a Chapter 13, we can lien strip the second lender. That means that they are treated as an unsecured creditor. It could mean that the second lender will not be able to collect on the mortgage after the discharge and the Debtors still get to keep the house. They would not even have to pay the lien when they sell the house. How cool is that?

We have a big day tomorrow. So, I better sign off. Oh, Jewel have a wonderful and safe trip! Congratulations to the happy couple! Donna: I hope that the new baby arrived safely! Congratulations to the happy new parents!