Second Mortgage

  • Second Mortgage Negotiated Down to 10%

    We just completed a second mortgage negotiation, $10,000 to get rid of a $100,000 second mortgage.  The house is upside down when you look at only the first - but not too far. The second was in arrears - hadn't been paid in several months and it was held by a different company than the first mortgage. That's in ideal scenario ...

    Posted at December 7, 2012 | By : | Categories : Second Mortgage | 0 Comment
  • Second Mortgage Gone

    It’s almost unbelievable, but banks will routinely settle a second mortgage for an 85-90% lump sum if the following are true:   -       There is no equity in the home to support the mortgage, -       The second mortgage is behind; and -       The second mortgage is held by a different bank than the first.   The reason banks will make these deals is because although the loan ...

    Posted at October 31, 2012 | By : | Categories : Second Mortgage | 2 Comments
  • An Oppressive Second Mortgage

    I was in a meeting the other day and a bankruptcy attorney stood up and said, “I can remove second mortgages.” Wow, that is misleading. There are some limited situations in which a second mortgage (or third) can be removed from house. The most common is in a Chapter 13 bankruptcy when you compare the value of the house with ...

    Posted at September 5, 2011 | By : | Categories : Second Mortgage | 0 Comment
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