Posted on: 14th Aug, 2009 05:10 pm
I have my first and second both with Indy Mac.My first was modified for 3% for 5 years and than it increases to a percent.
My second is at 11% but my house is upside down about 80,000.
I wanted to know if there is a chance we can settle the second at all. Our second is killing us. Is there anything else we can do for the second lien.
Thank you all.
My second is at 11% but my house is upside down about 80,000.
I wanted to know if there is a chance we can settle the second at all. Our second is killing us. Is there anything else we can do for the second lien.
Thank you all.
Welcome drewskids,
You can negotiate with your lender for a modification of your second loan. This will help you in lowering your interest rate and make it affordable for you to pay off the loan.
You can negotiate with your lender for a modification of your second loan. This will help you in lowering your interest rate and make it affordable for you to pay off the loan.
drewskids
Welcoem to the forum
You need to call your banka and ask for interest modification on the seocnd
Good luck and feel free to ask
Welcoem to the forum
You need to call your banka and ask for interest modification on the seocnd
Good luck and feel free to ask
I owe much more than the house if worth due to economy..1st mortage is current..2nd nortgage is 5 months late due to wage cut and hours reduced..2nd mortgage offered lower interest rate but still cannot afford it..Got default notice, called and they still offered same thing.Can I try to negotiate a one time settlement? and what can they do about this? Thanks in advance
your second mortgagee can sit still and do nothing if it wishes. at some time, they can hope, your equity situation will reverse itself as property values begin to increase. inasmuch as you can't do anything with your home unless you engage them, they've got a right to sit and do nothing. perhaps that's the stance they're taking.
you need to convince them that there's no end to the difficulty and that they ought to settle with you somehow, for lower payments, reduction of amount owed, or whatever you can wrangle with them.
you need to convince them that there's no end to the difficulty and that they ought to settle with you somehow, for lower payments, reduction of amount owed, or whatever you can wrangle with them.
