| Re: Loan Modification
There will be no forgiveness on the second loan, that must be paid, they may write it off and separate the debt out to a collection agency depending on your state...then collect that way. However the cloud on the title will remain and if you sell then you have to deal with it.
They have various ways to do this and most of them quite unpleasant...however they are not forgiving at this time. The seconds are getting very vigorous in trying to collect recently as the pool insurers and investors are underwater with the losses. So do not expect forgiveness, you really need to contact the Secon and work out manageable payment options with them. |