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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] 2nd mortgage Posted by dh on April 21, 2009 at 8:02 AM I just received a very attractive loan mod on my first mortgage - 20% reduction in principal, all payments missed since July forgiven, payopt loan modified to fixed @ 3.75% for 5 years and then 4.8% fixed for the balance of the term with an interest only payment option, however, I still have not solved my 2nd mortgage problem and I'm not sure what my options may be...the 2nd held by Chase hasn't been paid in over eight months, and even with the modified 1st the house is still underwater. I'm pretty certain the 2nd will not foreclose but I don't know what I could still be facing (it is not a purchase money 2nd): I think one possibility is the account being charged off and sold to a collection company. I believe if that were to occur I could then negotiate a settlement with them...but I would still have to figure out how to get the lien released, correct? I know I just can't ignore the 2nd, I'm just not sure what all of my options are...if anyone has been through this I'd sure appreciate any insight of any options that I should be aware of...thanks very much. Follow Ups: Re: 2nd mortgage Question 12:22 AM, 04/22/09 (0) Re: 2nd mortgage JK (the other JK) 8:44 AM, 04/21/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I just received a very attractive loan mod on my first mortgage - 20% reduction in principal, all payments missed since July forgiven, payopt loan modified to fixed @ 3.75% for 5 years and then 4.8% fixed for the balance of the term with an interest only payment option, however, I still have not solved my 2nd mortgage problem and I'm not sure what my options may be...the 2nd held by Chase hasn't been paid in over eight months, and even with the modified 1st the house is still underwater. I'm pretty certain the 2nd will not foreclose but I don't know what I could still be facing (it is not a purchase money 2nd): I think one possibility is the account being charged off and sold to a collection company. I believe if that were to occur I could then negotiate a settlement with them...but I would still have to figure out how to get the lien released, correct? I know I just can't ignore the 2nd, I'm just not sure what all of my options are...if anyone has been through this I'd sure appreciate any insight of any options that I should be aware of...thanks very much. [ 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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