hotrod Posted March 6, 2011 Report Share Posted March 6, 2011 my wife file chapter 13 she went to meeting her case was confirm its now ready to be file for the stripping 2 motg my lawer new my name was on both deed but not on the financing part now she said we got a problem she could of told me from the begining i would have took my name of the deeds does that mean we cant strip 2 motg she only one filing Link to comment Share on other sites More sharing options...
momof5 Posted March 7, 2011 Report Share Posted March 7, 2011 How about one more time....in readable english please. Link to comment Share on other sites More sharing options...
hotrod Posted March 7, 2011 Author Report Share Posted March 7, 2011 my wife file ch 13 the was confirm dec now we are trying to get rid of 2 motg her lawey said we might have problem because im on deed but im not on the financing part is the a law in deleware Link to comment Share on other sites More sharing options...
2ndTimeAround Posted March 7, 2011 Report Share Posted March 7, 2011 (edited) My $00.02The process he is referring to is a common practice used by Bankruptcy attorneys. I have talked with people describing it.Filing Chapter 13 for the first mortgage to save the home. As part of the bankruptcy proceedings, the bankruptcy court will examine the mortgages that back a property (subject case a 1st and 2nd mortgage). In essence, they are looking to see whether the mortgages are secured by real property. The second can be stripped out by the Chapter 13 court and reclassified as unsecured debt, which doesn’t need to be paid back at all under Chapter 13 proceedings. The fact he is not on the loan, but on the deed. Technicality he doesn't have to come off. However - since it can be stated "if there is another person with interest in the property", the property is not free and clear. Possibly the bankruptcy attorney wanted to "dress" to case a certain way to expect a certain out come. Ultimately it is the decision of the trustee to approve this. I work with modifying the mortgage before bankruptcy, maybe others can comment.Good Luck.... Edited March 8, 2011 by 2ndTimeAround Link to comment Share on other sites More sharing options...
hotrod Posted March 8, 2011 Author Report Share Posted March 8, 2011 why didnot she tell me this up front i would have taken my name off deed than let my wife file tecknialy were out of luck Link to comment Share on other sites More sharing options...
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