Posted on: 21st Nov, 2009 02:27 pm
does anyone know how to go about requesting that my lender do a settlement on a second mortgage, (heloc) on a house that is completely upside down? we have a house that is currently worth a max of $500k, we owe $475k on the first and have a second at $500k, i would like to offer to settle the second for $25k, so that we will be able to keep the house without having to do a short sale, which would net the 2nd lien holder less than the $25k we would offer?
andy suggestions :shock:
andy suggestions :shock:
Hi ic,
You will have to write a hardship letter to your lender requesting him for loan modification. You should mention about your financial hardship in the letter and try to convince him to grant you a modification. However, it will be your lender's discretion whether or not he would give you a principal reduction.
You will have to write a hardship letter to your lender requesting him for loan modification. You should mention about your financial hardship in the letter and try to convince him to grant you a modification. However, it will be your lender's discretion whether or not he would give you a principal reduction.