Options for Second Mortgage? - Loan Modification Forum

charlie6077 · 04-22-2009, 09:33 AM

Hi,

I have a two bedroom condo in a mid-rise building in VA. I have a first loan of 330K, which I am currently working on a loan modification. I also have a second mortgage with BB&T for about 60K. I purchased the condo three years ago for 400K. It's now worth about 275K in the market.

I tried to negotiate a settlement for the second loan, but BB&T told me it's in a RETAIL PORTFOLIO so I cannot negotiate for a settlement for less. I have 15-yr ballon at 8.5% with them currently. They are trying to modify the loan with a more attractive term, but the monthly payment may go up.

I am trying my bext to keep my home so I don't have to face foreclosure or bankcruptsy, but I also want to find a way to somehow get rid of this second lien.

Can anyone offer me an advice on what my options are?

Thanks in advance.

snapple candy · 04-23-2009, 08:26 AM

Consider seeing a BK attorney. Filing BK has the ability to strip that 2nd.

Did you ask for settlement verbally or in writing on 2nd? If you dont get tough with them and threaten BK, they may not negotiate.

04-22-2009, 09:33 AM	#1 (permalink)
charlie6077 Junior Member Join Date: Apr 2009 Posts: 1 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Options for Second Mortgage? Hi, I have a two bedroom condo in a mid-rise building in VA. I have a first loan of 330K, which I am currently working on a loan modification. I also have a second mortgage with BB&T for about 60K. I purchased the condo three years ago for 400K. It's now worth about 275K in the market. I tried to negotiate a settlement for the second loan, but BB&T told me it's in a RETAIL PORTFOLIO so I cannot negotiate for a settlement for less. I have 15-yr ballon at 8.5% with them currently. They are trying to modify the loan with a more attractive term, but the monthly payment may go up. I am trying my bext to keep my home so I don't have to face foreclosure or bankcruptsy, but I also want to find a way to somehow get rid of this second lien. Can anyone offer me an advice on what my options are? Thanks in advance.

04-23-2009, 08:26 AM	#2 (permalink)
snapple candy Senior Member Join Date: Feb 2009 Posts: 1,309 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Options for Second Mortgage? Consider seeing a BK attorney. Filing BK has the ability to strip that 2nd. Did you ask for settlement verbally or in writing on 2nd? If you dont get tough with them and threaten BK, they may not negotiate.

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