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CastelF
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I have a seconde mortgage, interest only. it's 68K, with all my bill it become to difficult to pay, so I;m not paying on it and just trying to keep the primary up to date. This mortgage has been sold 3 times and is with Acquire now, its not even listed at the town hall for my house, either is the last company that owned it..

Well, they sent me an offer to settle for 20K, since I have not been paying the $400 amonth the balance is up to 70K.

I called and said I could possibly borrow 10K, but they did not want to hear that, my question is, whay does anyone think they will settle for, I have 3 more weeks, thanks for any info..

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I have a seconde mortgage, interest only. it's 68K, with all my bill it become to difficult to pay, so I;m not paying on it and just trying to keep the primary up to date. This mortgage has been sold 3 times and is with Acquire now, its not even listed at the town hall for my house, either is the last company that owned it..

Well, they sent me an offer to settle for 20K, since I have not been paying the $400 amonth the balance is up to 70K.

I called and said I could possibly borrow 10K, but they did not want to hear that, my question is, whay does anyone think they will settle for, I have 3 more weeks, thanks for any info..

What your are doing is smart - I've lost count on the amount for homeowners I've spoken to late of the 1st, not late on their 2nd.

98% of the time - a 2nd mortgage cannot initiate a foreclosure because they are in 2nd position to the deed of the home. Although depending on the situation, is not impossible... Don't feel like writing a page explaining this, but it ultimately depends on your equity position.

Last year had a case in Amityville NY, had a 2nd owing $79k. About 8 months there was an offer to settle at $9k, which she was not able to come up with. Two more months go by and they totally washed the loan.. A very happy lady.

You saying to loan was sold - tells me the original lender most likely chargedoff and sold the balance for penny's of the dollar. Then at got sold again. In this type of situation being that your current on your first mortgage - your 2nd cannot do anything.

You answer about how much less they will settle for less. This is not etched in stone - typically seeing offered settlements 18 to 20 percent settlements. The problem is if a homeowner had that kind of money - they probably wouldn't be in the position they are in.

My advice - don't let them scare you about the deadline coming up in three weeks. When they contact you, get their address and send them a Validation of debt letter via certified mail.... That will really "stur-up" the pot!!!!!!:mrgreen::mrgreen::mrgreen:

I posted this letter a few weeks ago - copy and change the wording to suit your situation. See link http://www.creditinfocenter.com/forums/mortgages/309275-templet-qwl-validation-debt.html

Good Luck...

Edited by 2ndTimeAround
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Thanks for the info, it was originally a 47K loan with benefical, then in2006 things starting going bad, I needed to consoidate some credit card debt. Quicken loan paid off the benefical and combine with a credit card I owed a lot on. So now it was a 2nd mortgage for 68K, interest only with a balloon payment in 15 years. A year or so later it was sold to Wilshire, they had it for a couple years and then it was I guess sold to Acquira, they have had it for about 2 years. I started getting behind on it about 6 payments now and about 2 weeks ago I got the offer for 20K, Like I said, i called and said I may be able to borrow 10K from family but they said no way..

I was thinking of trying again for 11K. My house is only worth maybe what I owe on the 1st.

what do you think..Thanks again

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...what do you think..Thanks again

I am not on the front line, so I can not tell you where and how much to shoot for.

Any settlement - always say your are getting money to paid your settlement through family. This way they have no right to ask for checking account statements for them.

If you say you have money to settle, they have the right to look at your financials (pay stubs, bank statements, tax returns, ext..)

Also timing is important - knowing they cant do anything because they are in second lien position. Let them contact you in three weeks - then sound like your corporating with them, put them on hold and come back saying your family is only going to help you with $8,000, asking them to settle for less....

Negotiating is a game - starting with a low number then moving up is better. If you start high, it is almost impossible to receive a lower settlement.

:)

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  • 4 weeks later...

I have a first and a second originally with Chase. Tried for over a year for a modification on both. They only modified one. Now looks like they charged off the HELOC. We purchased our house for $420k at the peak of the market and put $100k down on it. Now our house is only worth about $200k. We are current now on the 1st with a balance of $345k. Haven't paid on the HELOC for probably about a year. Balance on HELOC is $38k. Since we are over $100k negative on the house, do I really need to worry about the HELOC going unpaid? Creditors are starting to call again about it.

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