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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Equity - but maybe not enough time before forclosure Posted by Mer on March 21, 2008 at 8:54 AM In Reply to: Equity - but maybe not enough time before forclosure posted by Mike on March 20, 2008 at 8:05 PM : Help I'm running out of time! We have a second mortgage that fell behind by 60 days while we were trying to restructure our first mortgage. They filed an erroneous NOD because they did not recognize a payment we made and when brought to their attention, they just refiled the NOD a month later. We were successful with the restructure of our first mortgage but the company holding our second is unwilling to enter a repayment plan and wants us to pay arrears at the rate of 19.95% interest! Because our house was valued @ $570,000, even w/the bad market it still has a lot of equity. I have 3 daughters and my wife makes good money, but because of my job change, we're suffering. I know we probably have a case of preditory loan, but I just want to save my house,family, and life. Bewildered in San Diego. Mike Whether or not the 2nd mortgage is a preditory loan right now should be of little concerns, as I think your main goal is to save your home. You said you have a lot of equity in it. How about refinacing and paying off the 2nd? Are you listing the home for sale? M Follow Ups: Re: Equity - but maybe not enough time before forclosure Mike 9:26 AM, 03/21/08 (1) Re: Equity - but maybe not enough time before forclosure Mer 12:30 AM, 03/21/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Help I'm running out of time! We have a second mortgage that fell behind by 60 days while we were trying to restructure our first mortgage. They filed an erroneous NOD because they did not recognize a payment we made and when brought to their attention, they just refiled the NOD a month later. We were successful with the restructure of our first mortgage but the company holding our second is unwilling to enter a repayment plan and wants us to pay arrears at the rate of 19.95% interest! Because our house was valued @ $570,000, even w/the bad market it still has a lot of equity. I have 3 daughters and my wife makes good money, but because of my job change, we're suffering. I know we probably have a case of preditory loan, but I just want to save my house,family, and life. Bewildered in San Diego. : Mike : Whether or not the 2nd mortgage is a preditory loan right now should be of little concerns, as I think your main goal is to save your home. You said you have a lot of equity in it. How about refinacing and paying off the 2nd? Are you listing the home for sale? : M [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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