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What is Lien Stripping In a Chapter 13 Hawaii Bankruptcy?
Lien Stripping is permissible, with several caveats, when the Fair Market Value of the property is worth less than is owed on the secured lien to be stripped. For example, if the fair market value of your residence is $450,000.00 and you have two mortgages. The first mortgage balance is $450,001.00 then the second mortgage is “wholly undersecured” and may be stripped.
If you are successful in stripping the lien, in order for it to stay stripped, you must fully complete the Chapter 13 Plan or it will not work.
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