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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 12:30 AM In Reply to: Re: Equity - but maybe not enough time before forclosure posted by Mike on March 21, 2008 at 9:26 AM : : : 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 : I agree. We thought we had it solved w/ the restructured loan, but it didn't include the 2nd. Now, with about 3 weeks left before he sets am auction date, i'm afraid there isn't enough time to sell, even if I wanted to. which we don't. I can't rent a place in the area we live for much less than $1700.00/mo, which is what the first will be.But then I still have to take care of the 2nd,that went from 700 to 1400 with this guys rate hike penalty. Really, what I'm going to try to do today, is find a way to bring the 2nd up current, but it appears people don't want to lend you even a few thousand, when youre already in default. If I can't, I'm not sure what I'll do...Mike Mike Is the lender on your 2nd an institutional lender or private party? Also, you may want to have a comp done on your home. You may be surprised how much equity if any you have left. M Follow Ups: 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 : : I agree. We thought we had it solved w/ the restructured loan, but it didn't include the 2nd. Now, with about 3 weeks left before he sets am auction date, i'm afraid there isn't enough time to sell, even if I wanted to. which we don't. I can't rent a place in the area we live for much less than $1700.00/mo, which is what the first will be.But then I still have to take care of the 2nd,that went from 700 to 1400 with this guys rate hike penalty. Really, what I'm going to try to do today, is find a way to bring the 2nd up current, but it appears people don't want to lend you even a few thousand, when youre already in default. If I can't, I'm not sure what I'll do...Mike : Mike : Is the lender on your 2nd an institutional lender or private party? Also, you may want to have a comp done on your home. You may be surprised how much equity if any you have left. : 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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