Need Help Please!

[Ann]

Could someone please help me with what kind of wording to use in a letter to my second mortgage company asking for a settlement and release of lien? We should get discharged in a few short days and I want to be ready to offer a settlement with them as soon as possible. I did not pay my loan last month so I'm assuming they will be calling just as soon as the discharge is done. Would getting an appraisal help when explaining how much the value of my home is? Also, my first loan is really super close to what I suspect the value of my home to be. Is this going to hurt my chances with the second mortgage company? I owe about $66,000 on my second. Was thinking of asking for a settlement of $3000-$3500... any help would be so much appreciated!

[brokejoker]

I'm curious about this too. We just received a letter from our second asking what our intentions are with reaffirming or retaining. I was also thinking of offering a settlement.

[Ann]

I'm curious about this too. We just received a letter from our second asking what our intentions are with reaffirming or retaining. I was also thinking of offering a settlement.

broke, who is your second mortgage with? Please anyone some input would be very much appreciated!

[brokejoker]

Our second is with Chase mortgage. We are current on the 2nd though so I don't know if they will settle or if we should think about not paying for a few months before we try and settle.

[tcreegan]

2nd 5% settlement

Hi Ann,

The 2nd lender can leave a 66K lien on the property or take 5% cash from you.
Foreclose and they get nothing (1st = prop. value)

Please post the results! Very interesting....

Sorry, no help on what to put in the letter. Do you have a lawyer?

Appraisal helps if it proves there is no equity in the house.

Good luck and keep us posted!

Tom in Colo

[Ann]

Will most definitely keep all posted on this. My discharge should come in a few days and after that I will wait a bit and start the process of cleaning up our credit reports if need be. Not sure if my attorney would want to be involved with the whole process of asking for a settlement with my second. After the discharge isn't he pretty much done with my case? If he is I would have to believe there would most certainly be a fee charged with his help in asking for a settlement. Just really need some advice on how to word my offer. I believe a few weeks ago someone here did give an example on what to write. Please if you can help again post it. Thank you!