The Legal Fixer» Second Mortgages http://www.thelegalfixer.com Tax, Probate, Bankruptcy Law Offices Thu, 25 Feb 2010 01:06:21 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 Lien Stripping in Chaper 13 Bankruptcy http://www.thelegalfixer.com/2009/03/lein-stripping-in-chaper-13-bankruptcy/ http://www.thelegalfixer.com/2009/03/lein-stripping-in-chaper-13-bankruptcy/#comments Sun, 22 Mar 2009 01:09:08 +0000 Steven Feldman http://www.theLegalFixer.com/?p=320 Although the Senate is dithering and bottling up the mortgage modification legislation approved in the House, it is still possible to remove a second or third lien from your primary residence using the Zimmer decision.  For example, your house is worth $500,000 and the first mortgage is $550,000.  There is a second and third on the house for another $120,500.   These last two liens (the second and third) can be stripped out.

In re Zimmer, 313 F.3d 1220 (9th Cir. 2002) held that  a wholly unsecured lien holder is not entitled to the protections of § 1322(b)(2); The holding of In re Lam, 211 B.R. 36 (9th Cir. B.A.P. 1997) approved.

To find out if Zimmer case might help you keep the home, contact us.

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