If you have succeeded (or even attempted and failed) to negotiate a settlement with your 2nd mortgage, when did you start? How far into the foreclosure process did you let it go before you talked to your lender? Right after closing bk? Or just before the sheriff's sale?
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1/15/10 Filed ch7 2/18/10 314 meeting
2/22/10 Report of No Distribution
4/20/10 Discharged 5/20/10 Closed! -
Normally the 2nd mortgage holder doesn't try to foreclose unless there is enough equity in the home. (They have to pay off the first mortgage.) If this is the case with you, then most people wait until the bankruptcy closes before they try to negotiate a settlement with the 2nd mortgage holder to release the lien.Originally posted by pcn View PostFiled Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions. -
My second note holder contacted me shortly after my discharge. I made an offer to pay 10 percent of the balance over three years. They came back and said any settlement offer must be paid within three months of the offer. Thus I will make another offer at the end of 2010 When I have some cash.Comment
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2nd Mortgage Settlement
I am hoping to do the same to.
May I ask, who is your 2nd mortgage with and what $amount are you trying to settle. Thats great if they offered you a 10% settlement and 3 months to pay it.Comment
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I don't want to disclose the bank until I settle with them, but it is a big mid western bank. To clarify - they did not say they would except my offer- they said they would only consider the offer if and when I can pay cash within 3 months of making the offer.
The balance I am trying to settle is roughly $475k
I will update this forum on what happens in late 2010 when I make another offer. I have no idea if they will except it- but if they don't I will let the first foreclose and the 2nd holder will get nothingComment
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