Re: A few more questions

Posted by celce (205.188.200.23) on July 16, 2002 at 21:36:45:

In Reply to: A few more questions posted by Debbie on July 16, 2002 at 21:08:14:

Debbie-
What observer meant was that a secured creditor is only secured by the amount of the asset used to secure it. So if your house is worth 200K and the first mortgagee is secured to 175K then the second mortgagee could only be secured by 25K not by 40K which is the amount they loaned you. so effectively the second mortgagee would be "stripped" by 15K.
If you are concerned with keeping your one asset...the house...you should consult with a competent bk atty ASAP...as you must file b4 the sale on the 25th...that doesn't give you much time here.

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