Hi All -
Here is my situation and looking for thoughts or someone that has seen this situation.
Own home in the Los Angeles area, bought in 2002, 300K 1st with CW and 105K 2nd with WAMU/Chase. Both loans were prime loans, Stated Verified.
I have now lost my employment in the financial services industry, VP at a bank, and have yet to find even low level employment that I am willing to take.
I am looking to see if Chase might willing to settle the 2nd for pennies on the dollar. The way I see it is if I keep the 1st current they would have to buy the first that is 125K underwater to even start the foreclosure process.
What they end up with is a 175K valued home, that they paid 400K for and that is if the lender on the 1st will sell them the 1st.
I would think at worst they could get a judgment against me or I file BK it and call it a day they get nothing.
Anyone think that they may want to take what they can get and call it a day ?