Posted on: 15th Jun, 2009 01:49 pm
my home was foreclosed because i lost my 100k plus a year job. now the second mortgage is calling me off the hook. its been over a year now. i tried to talk to them but they want a crazy monthly amount for 6 years to settle. i don't make that kind of money anymore but still have a family to support what should i do.
Hi There,
Was the second mortgage for a line of credit or for improvement to the property, or was it taken out to cover the purchase cost of the home?
Was the second mortgage for a line of credit or for improvement to the property, or was it taken out to cover the purchase cost of the home?
it was for the purchase of the home
it was to cover the purchase price
Hi Again,
I would definitely check into the laws in your state regarding this issue. To my knowledge, your situtation with the 2nd mortgagor seems to fall outside the norm. Not usual to be sought if the second mortgage was taken out at the same time as the first mortgage to cover the home purchase, and NOT to remove equity for cash in your pocket or to consolidate other loans. Please check further with the laws governing your state. The website for HUD (ends in .gov) has lots of links and information that may help point you in the right direction. Good luck.
I would definitely check into the laws in your state regarding this issue. To my knowledge, your situtation with the 2nd mortgagor seems to fall outside the norm. Not usual to be sought if the second mortgage was taken out at the same time as the first mortgage to cover the home purchase, and NOT to remove equity for cash in your pocket or to consolidate other loans. Please check further with the laws governing your state. The website for HUD (ends in .gov) has lots of links and information that may help point you in the right direction. Good luck.
Hi jking,
As your property had already been foreclosed, your second mortgage has now become unsecured. The second mortgage holder does not have any opportunity to foreclose on any of your properties. They can, however, put liens on your other properties and garnish your wages. The best solution is to negotiate with them and settle the debt for a lower amount. If you can afford, you can take assistance from a debt settlement professional, who will do the negotiations on your behalf to settle the debt.
As your property had already been foreclosed, your second mortgage has now become unsecured. The second mortgage holder does not have any opportunity to foreclose on any of your properties. They can, however, put liens on your other properties and garnish your wages. The best solution is to negotiate with them and settle the debt for a lower amount. If you can afford, you can take assistance from a debt settlement professional, who will do the negotiations on your behalf to settle the debt.
They have the right to get their money back however you can negotiate
that's the point I tried to negotiate and spoke to a company that does consolidations they they advised to leave them alone and don't attempt to contact them anymore.