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  1. V

    Settle 2nd Mortgage with Equity? - Part 2

    Well, you ask for advice from two different attorneys, you get two different opinions. So, attorney #2 cites the Nevada statute: https://law.justia.com/codes/nevada/2017/chapter-106/statute-106.240/ as to when a 10-year SOL starts running, either via the maturity date of the note OR via...
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    Settle 2nd Mortgage with Equity? - Part 2

    Heard anything back yet from your friend?
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    Settle 2nd Mortgage with Equity? - Part 2

    Well, now we have a monkey wrench thrown in the mix. Just got this reply from an attorney: " When you are obligated under an "installment contract," which is what your promissory note is, none of the future payments are due yet, so they can't be considered to have gone six years without...
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    Settle 2nd Mortgage with Equity? - Part 2

    Sounds like a good plan. If my attempts to quiet the title prior to the SOL on the lien itself fail, then worst case scenario is I wait it out (10 years from the date of maturity of note in my state). What I need to do is get a copy of the note to find out when it matures. I'm thinking for a...
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    Settle 2nd Mortgage with Equity? - Part 2

    Ok, looks like the SOL in my state is 6 years which has long since passed (DOFD 2010). So I have an affirmative defense that would bar them from foreclosing. Question now is whether an attorney can aside the lien via perhaps a quiet title action. Even the rep I spoke to mentioned that some...
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    Settle 2nd Mortgage with Equity? - Part 2

    Replies in red: Will need to research this and report back. Not holding my breath! Thanks again for your input!
  7. V

    Settle 2nd Mortgage with Equity? - Part 2

    Replies in red below: Thanks! :)
  8. V

    Settle 2nd Mortgage with Equity? - Part 2

    An installment settlement agreement at X% of the face of the note would be best - or lump sum settlement if it was more of a discount than the installment settlement . Wouldn't qualify for a refi (insolvent, wouldn't show enough income and credit is shot). Thoughts?
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    Settle 2nd Mortgage with Equity? - Part 2

    My previous thread from 2013: https://www.loansafe.org/forum/threads/settle-2nd-mortgage-with-equity.85673/ Cut to: 5 years later. Re-evaluating potential risk of 2nd mortgagee proceeding with foreclosure at some point as is warned about here...
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    Settle 2nd Mortgage with Equity? - Part 2

    "They made it very clear that any settlement considered under fifty percent must be accompanied by financials. Meanwhile, property values continue to climb." And climb they did! My previous thread from 2013: https://www.loansafe.org/forum/threads/settle-2nd-mortgage-with-equity.85673/ Cut to...
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    Settling Second Mortgage with CCO

    As I mentioned previously, in my case, I have nothing to lose my submitting my docs (other than my tax returns reflecting ownership of an IRA) to them, as I am judgment-proof (no non-exempt assets or income).
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    Settling Second Mortgage with CCO

    Re-evaluating my situation based on the latest round of discussions: Fair MKt Value: $195K Current Bal - 1st Mtg: $140K Current Bal - 2nd Mtg/HELOC (CCO): $115K Est FC costs: $50K not including selling costs (realtor commissions, closing/title costs, etc.) I was able able to clarify with...
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    Settling Second Mortgage with CCO

    That's interesting. I have been in default with CCO for 3.5 years, it's been charged off, and they never sent it to a law firm. Most states have a anti-deficiency law which prevents the 1st lender from filing suit against the homeowner. Although this answer applies to AZ law, it may very well be...
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    Settling Second Mortgage with CCO

    That was my underlying fear as well, but if you've protected your (ass)ets wisely and made yourself judgment-proof, why worry? If not, then I can see your point. Any assets and income I do have are exempt from creditor judgments by state law. There is usually a statute of limitations for a 2nd...
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    Settling Second Mortgage with CCO

    Since it is obvious CCO will not consider anything less than 50 percent unless financials are provided, what would you have to lose by sending them a P&L and balance sheet from your accountant showing the loss and why the return is essentially meaningless from an income standpoint? The worst is...
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    Settling Second Mortgage with CCO

    You are right; we are likely looking at a slowdown and price reductions here in Vegas which could be as soon as the end of the year. That being said, I would have to settle and sell now for it to make sense, otherwise I'm better off doing nothing. I would assume the chances of getting these...
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    Settling Second Mortgage with CCO

    When you say a more "proactive approach", what exactly do you mean?
  18. V

    Settling Second Mortgage with CCO

    I have been in default for 40 mos., they charged it off about 2 years ago, and they still have the loan in-house, no collection agency. Why, I don't know. When I contacted them, they put me over to the recovery dept.