Settelment on second loan - Loan Modification Forum

Rebecca · 08-11-2009, 04:00 PM

I have 2 loans which I'm working to modify the first and getting a short payoff on the second. The first mortgage has $400.000 balance, and the second has $90.000. I submit an offer to second to settle for 10% ($8.500) Since my house has been on the market for sale for about 1 year and the highest offer we had was $345.000. The bank send a B.P.O and the value came in the $350.000. I spoke to the negotiator today and he said that he will not take the offer but will agree to modify my second. I don't want modification since we owe much more than the house worth. By the way. I am 5 month late now. anybody knows what should I do?

Evan Bedard · 08-11-2009, 06:54 PM

Hi Rebecca,

If you can I would suggest just to higher your offering amount some. Maybe 13-15 percent if possible...

Also keep calling and speaking to many different reps to see what they have to say..

08-11-2009, 04:00 PM	#1 (permalink)
Rebecca Member Join Date: Oct 2008 Posts: 14 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Settelment on second loan I have 2 loans which I'm working to modify the first and getting a short payoff on the second. The first mortgage has $400.000 balance, and the second has $90.000. I submit an offer to second to settle for 10% ($8.500) Since my house has been on the market for sale for about 1 year and the highest offer we had was $345.000. The bank send a B.P.O and the value came in the $350.000. I spoke to the negotiator today and he said that he will not take the offer but will agree to modify my second. I don't want modification since we owe much more than the house worth. By the way. I am 5 month late now. anybody knows what should I do?

08-11-2009, 06:54 PM	#2 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 2,168 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Settelment on second loan Hi Rebecca, If you can I would suggest just to higher your offering amount some. Maybe 13-15 percent if possible... Also keep calling and speaking to many different reps to see what they have to say.. __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going 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. Most of the information you find here is easily available on the internet. 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. Please Read our Privacy Policy and Legal Disclaimer Here.

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