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  1. 10-04-2012, 01:14 PM #41
    TomEason
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    Hi murgurl

    Thanks for your question.

    Yours seems to be a very unusual situation, to say the least.

    Your 2nd lender is about to make a serious money-losing mistake. This will be a career ending move for the mid-management type responsible for the decision to FC.

    However, that's irrelevant if you were to lose your home. If you're unable to show your lender their valuation is way off, and have them cancel the TS, you may want to do the following.

    Accept (with tongue in cheek) their mod offer, make the trial payments until January when they've promised they'll cancel the TS. Then, when the TS is cancelled, default on the loan again and make no more payments.

    FYI, that's only a suggestion but all I can think of now. Perhaps others will chime in with ideas.
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  2. 10-04-2012, 01:44 PM #42
    murgurl
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    Yes..it seems my situation is pretty unusual!! I actually am considereding your suggestion.. This will "clean the slate" and I can start over for the settlement. I am confident that they will NOT FC..however....its way to stressfull with a sale date looming..thanks for the input.I will keep checking in for any other ideas..
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  3. 04-22-2013, 12:12 PM #43
    murgurl
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    Well..here is the Good News!!! Citi wrote off (forgave)152k of my second!!! I made my three payments and recieved the notarized docs!!! Also got the 1099..filed insolvency. Like is good!!!! Thank you for all of your help with this...Just know to keep at it and dont give up!!!
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  4. 04-22-2013, 01:09 PM #44
    TomEason
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    Hi murgurl

    Quote Originally Posted by murgurl View Post
    Well..here is the Good News!!! Citi wrote off (forgave)152k of my second!!! I made my three payments and recieved the notarized docs!!! Also got the 1099..filed insolvency. Like is good!!!! Thank you for all of your help with this...Just know to keep at it and dont give up!!!
    Congratulations on that Citi full extinguishment settlement! Would you mind posting your story in the Success Stories thread? I'd appreciate it. Thanks. Success Stories in Settling 2nds
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  5. 04-22-2013, 06:31 PM #45
    RexMorgan
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    Quote Originally Posted by murgurl View Post
    Well..here is the Good News!!! Citi wrote off (forgave)152k of my second!!! I made my three payments and recieved the notarized docs!!! Also got the 1099..filed insolvency. Like is good!!!! Thank you for all of your help with this...Just know to keep at it and dont give up!!!
    Congratulations! What great news! Way to stick with it!
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  6. 05-01-2013, 04:41 PM #46
    Evan Bedard
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    Quote Originally Posted by murgurl View Post
    Well..here is the Good News!!! Citi wrote off (forgave)152k of my second!!! I made my three payments and recieved the notarized docs!!! Also got the 1099..filed insolvency. Like is good!!!! Thank you for all of your help with this...Just know to keep at it and dont give up!!!
    This is AWESOME news Murgurl and I'm so glad to hear they ended up forgiving your 2nd!! As Tom has mentioned many times it would make absolutely no sense for a servicer to foreclose on an underwater 2nd..

    Congrats!!!
    Keep Fighting!

    Evan Bedard
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  7. 05-02-2013, 03:31 PM #47
    newhope2012
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    Quote Originally Posted by murgurl View Post
    Well..here is the Good News!!! Citi wrote off (forgave)152k of my second!!! I made my three payments and recieved the notarized docs!!! Also got the 1099..filed insolvency. Like is good!!!! Thank you for all of your help with this...Just know to keep at it and dont give up!!!
    Dear murgurl

    Good news. Congratulation.

    I am about to start the settlement of CITI 2nd mortgage. I really appreciate you giving some inside information how to get started.

    Home in CA: Zillow 500K
    1st BOA: 320K
    2nd CITI: 150K

    Stop paying 1/2011. Loan charge off 10/2012.

    Thanks again for your help

    Sy
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