[CLBS] Underwater

[Cam Phillips]

If the building is really only worth 118k,  then why wouldn't the creditor do a new loan at something like 125 with a fair interest rate in order to avoid getting the property back?

The other issue is whether there is collateral other that "solely"  the real property (1322(b)(2) I think.  Take a look at all the other property, in addition to the real estate, that form deeds of trust try to grab.
Good luck.

Cameron Phillips
Attorney at Law
924 Sherman Ave.
Coeur d' Alene, Idaho 83814
208  667 5437

On Feb 20, 2013, at 7:40 PM, Patricia Evans <evans_trish at msn.com> wrote:

> 
> Have a guy that has a lien against his residence/business (same location).  Bank loaned 70,000.00 originally.  The bank just kept loaning on the building appraised at $118,000.00.  There is now $285,000.00 owed against the note that is worth $118,000.00.  Bank said they would accept $80,000.00 lump sum which the debtor can not do. I have never stripped a lien.  Is this possible in this situation.  Thanks, Trish
> 
> Patricia Evans
> Attorney at Law
> POB 1016
> 155 Main Street Suite #2
> Orofino Idaho 83544
> (208) 791-6794 
>                         
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