Settlement second lien with HSBC ...

[misita]

Hi everyone:

I fairly new using this forum but I am so excited of such a great group of people with so much experience on this mess dealing with real estate. I am helping a friend to modify his loan with Wells Fargo ( First lien ), second with HSBC. I am attemting to settle the second liend offering HSBC no more than 3 K in loan of 56 K approx. Does any one has a success story on how to deal with HSBC in a settlement arena. Do they do an interior apraisal of the property ?,,please give me some feedback .

Thanks a lot,

Misita

[Enough Already]

Hi Misita,

All of this is so new it's hard to give you a good answer. There doesn't seem to be any "normal" way of going about it. The banks will do one thing at one time, and something totally different at another. It's hard to make sense of it.

I found a good article on this subject the other day, and I posted in another section of the forum. Here's a link: Banks Have Incentives To Settle With Judgment Debtors Quickly For Low Amounts of Cash

I found this information enlightening. Hopefully it will be helpful to you too.

Good luck!

[babbles]

I have a rental home in GA that has 3 mortgages attached. The 1st balance is $164500, 2ND $51344, and LOC $59344 (total about 277k bal). Is it possible to try to negotiate with my bank and credit union on the 2nd and 3rd to convert those to secured loans so I may sell the property that is now worth 181k? I am on the 1st by myself but I want to protect my wife's credit because she is on the 2nd and 3rd notes. EMC/JP Morgan Chase has been stringing me and a lot of others along with the modification process and plus I am current on the mortgages and don't feel like I would be approved for a mod. I am in an adjustable ARM that reset starting 1 Sep and I don't know if it's worth paying for at this point. Any advice or suggestions would be appreciated.