Refinancing with a charged off 2nd mortgage.

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,101
181
63
San Diego, California
www.loansreduced.com
This has become a hot topic here within the community in regards to borrowers not being able to refinance because of a 2nd mortgage that has been looming. Many of our members are working on getting a settlement with these lien holders but having a very difficult time depending on the investor or the amount of equity in the home.

Home values have risen so drastically across the country that we are now seeing many people with an equitable position in their homes, even if they purchased at the peak of the market back in 2006. This has made 2nd lien holders begin to salivate knowing that they will be able to recover all of the past due/balance owed on their loan. It has spooked many of our members here at LoanSafe and caused them to look for alternative options before they engage in foreclosure proceedings.

As we all know it isn't easy for the 2nd lien holders to foreclose but we have seen it happen.

Here is what you need to look out for:
Is your 2nd mortgage charged off?
Has it been charged off for longer than 4 years?
Have you received a settlement offer that you don't have the cash to pay?
Have you received a 1099C, cancellation of debt but still been denied a refinance due to the 2nd lien still existing?

If you answered yes to ANY of the questions above I would love to speak with you to determine what options you may have available and whether or not they make sense. Please call us here at our direct number of 800-779-4547 and ask for Erik.