Purchased 700sf condo OC CA 2005, refi no cash out 2006. Depreciation to nearly 150k underwater and needed to move. Strategically defaulted after a short sale was pulled out from under me by my first, Provident Mortg.
So now I am foreclosed on, and I am on the hook for my second and ready to negotiate a settlement. 2nd is 48k and I am willing to pay 8% or 4k. From others experiences, this seems very doable.
I have not been contacted AT ALL by Citimortgage for my second.
1. After foreclosure, how long does it take for the second to come after their money?
2. Should I contact them?
3. Should I let them sell it off to a collector, and then negotiate?
I'd like to get an agreement, pay it and go on with my life, any tips?
Thanks in advance!