Lien Stripping in Chapter 13 Bankruptcy For our readers playing along at home, the basic rule with mortgage modification in bankruptcy is as follows: first mortgages on a debtors primary residence cannot be modified by filing for bankruptcy, however, ... Read full article
What is a Lien strip? A Lien strip is possible only in a Chapter 13 bankruptcy and only if the fair market value of the property is less than the total amount of money due on the first mortgage. In that case a second and third mortgage if any can be ... Read full article
In Chapter 13 bankruptcy, you may be able to ask the court to lower the amount that you owe on a mortgage. Actually, it is slightly more complicated than that, but it boils down to the same thing. If you have a mortgage that you owe more on than your home ... Read full article
