Posted on: 15th Jun, 2010 07:10 pm
WE JUST RECIEVED A LETTER FROM THE LAWYER REP/THE MORTGAGE COMPANY. THEY WANT US TO RESPOND BY SETTING UP PAYMENTS ETC. I HAVE HAD 3 DIFFERENT OFFERS ON THE HOUSE (SHORT SALE) BUT THE 2ND MORTGAGE HAS PLAYED HARD BALL AND WON'T EXCEPT NOTHING BUT THE FULL AMOUNT THE NEXT STEP IS FORECLOSURE. WHAT SHOULD I DO/ THE SHORT SALE WONT COVER BUT A PORTION OTHE 2ND MORTGAGE.
hi ptpgill,
you've mentioned that the lender has sent a letter to you mentioned about setting up of a payment plan. in my opinion, rather than going for the short sale, you should set up this payment plan and save your property.
the second mortgage lender has the rights to collect the full amount from you. you will have to negotiate for a payment plan with them as well. you should let the second lender know about your financial situation and convince him for a better payment plan.
thanks
you've mentioned that the lender has sent a letter to you mentioned about setting up of a payment plan. in my opinion, rather than going for the short sale, you should set up this payment plan and save your property.
the second mortgage lender has the rights to collect the full amount from you. you will have to negotiate for a payment plan with them as well. you should let the second lender know about your financial situation and convince him for a better payment plan.
thanks