Best time to try to negotiate settlement on 2nd mortgage? - Loan Modification Forum

Enough Already · 03-28-2009, 07:59 AM

Hi there,

I'd like to know when the best time would be to try to negotiate a settlement on the 2nd mortgage? Is it best to try before the foreclosure is complete, or should you wait until after it's done?

Thank you!
EA

Marshall Rosenbach Esq. · 03-30-2009, 08:01 AM

Of course, every situation is different, but generally I would take the proactive approach and make your proposal now. Contact the 2nd mortgage holder and see if it will agree to accept some figure in full satisfaction of the mortgage. Explain to the 2nd that it is unsecured (assuming this is true) and that in a foreclosure it will recover nothing. It is also smart to have any documents prepared in the settlement reviewed by an attorney.

03-28-2009, 07:59 AM	#1 (permalink)
Enough Already Senior Member Join Date: Jan 2009 Posts: 438 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Best time to try to negotiate settlement on 2nd mortgage? Hi there, I'd like to know when the best time would be to try to negotiate a settlement on the 2nd mortgage? Is it best to try before the foreclosure is complete, or should you wait until after it's done? Thank you! EA

03-30-2009, 08:01 AM	#2 (permalink)
Marshall Rosenbach Esq. Real Estate & Mortgage Law Attorney Join Date: Jan 2008 Posts: 88 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Best time to try to negotiate settlement on 2nd mortgage? Of course, every situation is different, but generally I would take the proactive approach and make your proposal now. Contact the 2nd mortgage holder and see if it will agree to accept some figure in full satisfaction of the mortgage. Explain to the 2nd that it is unsecured (assuming this is true) and that in a foreclosure it will recover nothing. It is also smart to have any documents prepared in the settlement reviewed by an attorney. __________________ Law Offices of Marshall E. Rosenbach Please call me anytime at (561) 627-8990 www.FloridaLoanLaw.com The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Licensed to practice law in the states of California & Florida.

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode