Posted on: 27th Jun, 2010 07:49 am
I have a first mortage of $300k and 2nd mortgage of $200k, my home is worth $350k.
My wife and I are able to pay both mortgages but we are underwater and rather walk away.
realize that 2nd lender will come after us for defeciency, if we hide our assets what are the chances they will settle for less than loan balnce?
My wife and I are able to pay both mortgages but we are underwater and rather walk away.
realize that 2nd lender will come after us for defeciency, if we hide our assets what are the chances they will settle for less than loan balnce?
Hi blancohawke,
It won't be a good option to hide your assets in my opinion. You can negotiate with your second lender for a payment plan which will help you in paying off the dues. It will be completely the lender's discretion whether or not he would help you in settling the dues for less than the loan balance.
Thanks
It won't be a good option to hide your assets in my opinion. You can negotiate with your second lender for a payment plan which will help you in paying off the dues. It will be completely the lender's discretion whether or not he would help you in settling the dues for less than the loan balance.
Thanks