Need advice for 2nd Settlement - BSI FINANCIAL

**DarkGnome** · 06-26-2012, 02:34 PM

Anyone work with them before? With everything that happened to Aurora Loan Servicing, my loans were transferred to different providers. My 2nd ended up with BSI FINANCIAL Services.

I bought my primary residence in 07' for 530K W/ 100% financing. Received 2 dirty loans at closing. 1st @ 7.5%, 2nd at 12.375%!!!!

About 1.5 years ago I completed a HAMP modification on my 1st loan by myself. Got an awesome floored rate of 2%, However I "thought" that my second would be modified "automatically" afterwards, but obviously never was.

So now I am stuck with the 2nd - 100K @ 12.375% with a house worth probably 350K. I have not missed ANY payments, nor do I intend to. I need to eliminate this debt, and I believe a settlement would be my best option.

So anyone work with BSI before? Anyone with experience settling 2nd's WITHOUT going delinquent? Any other creative thinkers have ideas on what to do with this debt?

Thanks in advance!

**Rillion** · 06-26-2012, 03:40 PM

Originally Posted by DarkGnome

I have not missed ANY payments, nor do I intend to.

Well only advice I have is make sure you don't accidently slip and let them know that you do not ever intend to miss a payment, cause if they know that they have zero incentive to settle. If you are going to pay continue to pay 12% interest they really don't have any reason to settle.