Thanks for your reply, ***. Here's another question about this part of the new plan:
"Second Lien Elimination Payments:
To reduce the borrower’s overall indebtedness and improve loan
performance, additional incentives will be provided to extinguish junior
liens on homes with first-lien loans that are modified under the program. "
Who negotiates this possibility? Does the first lien holder or the borrower? Paying our second to HSBC is literally like burning money since the house is valued $100,000 less than the first mortgage with
CW.
Thanks!