Posted on: 06th Feb, 2010 08:35 pm
i am upside down on my mortgage, my property is worth half of the amount i owe on it. i have first and second mortgage and i am behind on both. i was working with my first lender for modification and i was just told that i was denied for a mha and the lender will do in house modification now. but heloc was with bank of america and they just sold it to debt collector. what is my best option to negoiate with both. if my first forecloses does that wipe the second one or would i still be responsible for the second one.
any info would be greatly appreciated.
any info would be greatly appreciated.
If the first lender forecloses the property, it won't help you in stripping off your second mortgage. As the second loan has been charged off, you should contact with your collection agency and pay off the dues. You can negotiate with them and convince them to reduce your dues.