Posted on: 03rd Jan, 2010 07:49 am
My husband and I have a first mortgage on our home- debt is $100K. The home is worth, on the market NOW, about $350.
Problem is, we took a line of credit to open a business for $410K, liening on the then value of the house. Business failed. We can't afford to pay the line. w
We hired someone to negotiate the second loan down but he says it can't be negotiated because it's a line of credit, not a mortgage. Lender is B of A. Do you know anything about this?
Thanks for any help or insight.
Problem is, we took a line of credit to open a business for $410K, liening on the then value of the house. Business failed. We can't afford to pay the line. w
We hired someone to negotiate the second loan down but he says it can't be negotiated because it's a line of credit, not a mortgage. Lender is B of A. Do you know anything about this?
Thanks for any help or insight.
Hi A. H.,
I would suggest you to negotiate with your lender directly. You can contact the lender and inform him about your hardship. You may even write a hardship letter in this regard. The lender will judge your situation and let you know whether or not he would settle your loan.
Thanks
I would suggest you to negotiate with your lender directly. You can contact the lender and inform him about your hardship. You may even write a hardship letter in this regard. The lender will judge your situation and let you know whether or not he would settle your loan.
Thanks