Re: A few more questions

Posted by celce (205.188.200.23) on July 16, 2002 at 21:43:58:

In Reply to: Re: A few more questions posted by observer on July 16, 2002 at 21:34:12:

observer-
In the case of mortgagees the technical bk term is "stripped" which in essence is the same principle behind a "cram down"...basically a mortgagee is stripped of any monies that are not secured by the home. In Debbie's case the second mortgagee would not be completely eliminated as the house is valued at 25K above the first mortgage...and the second mortgagee is in for 40K...so they would be stripped to 15K...

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