Need help on asking second mortgage for a release of lien

[Ann]

All,
I am about to finally call my second mortgage company and asking to settle for a release of the lien. I have read from others on the Loan Safe website that PNC Bank is very very difficult to work with and that happens to be who I have my second mortgage with. I have decided today is the day I will call and begin the process of trying to settle. I did not reaffirm my first or the second mortgage. How would you ask for a settlement? What I am asking is who do I ask for to speak with and do I just come straight out and ask for a release of the lien? If I'm no longer personally responsible for this debt how quickly do you think they will react to my call? Please if anyone can give me some good advise I would so much appreciate it!

[kar]

I would like to know as well. We have a first mortgage and home equity line with Bank of America. Both were discharged and not reaffirmed. I would love to settle the home equity line for 10% of what is left on it. Has anyone else been able to get this done?

[HHM]

No easy answer to this. I suppose you would ask for loss mitigation or their bankruptcy department as a starting point. I assume you are not making payments on the second mortgage?

When you call, simply ask them; "who has authority to accept a settlement of my 2nd mortgage."

[Ann]

Thanks for the reply HHM! I did call and was directed to someone who claims she is a "default specialist" and when she asked me what my offer was I told her simply what I was willing to settle for and she actually laughed and told me that would not fly. When I asked her why not? she said because that was way too low an offer for what I owed. When I pointed out that I understood how the whole legal thing worked as far as my personal obligation to that debt and that they would have to buy out my first mortgage and would not get anything left after the fact and that when I approached them for another modification before I filed chapter 7 and was pretty much turned down she said there were many "facets" of my story and that she would have to call me back. However, before we ended the call I did go up to an offer of 5% of the loan and she said once again she just didn't think that would happen but that she would call me back. Any input here?

[nichole04]

I would try contacting the bk dept. first. Thats what I did with one of my 2nd mortgages and I am finally getting somewhere. I am also dealing with another 2nd mortgage company and they are not as easy. Their bk dept. sent me to loss mitigation and they are wanting a lot of paperwork and I try explaining that my liability has been discharged but so far it is falling on deaf ears. I am still trying to find the right people to deal with on this one. It really depends on which mortgage company you are dealing with, but I would start with the bk dept. Hope this helps.