I am brand new to this forum. I am currently writing my settlement offer/letter to Citi for my 2nd mortgage.
Also, I am currently in the process with my first mortgage lender, BoA, a 3 month trial period to show them I can pay my monthly payments in the hopes of not loosing my house to foreclosure. The last payment is due on April 1.
I'm wondering, in the settlement letter to Citi, do I mention that I am in a "foreclosure process" (or is this called something else) with the first mortgage lender or not?
I want to start the settlement offer at 5% with Citi, is it better to offer a one time payment or monthly payments over the course of a stated period of time? Is 5% too low?
Any other advice would be helpful. If you need any more info from me, let me know.
Your help on this matter is much appreciated as I'm new to this process and a bit confused!