settled 2nd mortgage

[laurannm]

Our 2nd mortgage still send statements (no reaffirm). Our 2nd mortgage is completely underwater so I am going to stop paying this month and attempt a settlement in a few months. Don't forget that your lender still has to abide by state foreclosure laws, so attempting to settle won't have any impact on your ride-through (i.e. the foreclosure process is still the same)

[ohantonio]

Has anyone had any luck with Chase?

[Mizzou13]

Nichole04 does settling a 2nd Mortgage restart the seasoning period before qualifying for another mortgage? It should not impact the credit report since all mortgages should show IIB. However, could settling a 2nd be considered a short sale or foreclosure for FHA purposes which would require a 3-year waiting period from the date of settlement?

[iv65536]

Nichole04 - well done. I tried to get Green Tree to settle a wholly-underwater second by threatening to stop paying the first and risk a foreclosure. They made an unreasonable settlement demand, sent "informational statements", and were calling me. I told them to stop calling and stop sending "informational statements", and now that I have stopped paying on the first, seeking to have the first settle the second. the fact that the first has decided to attempt a foreclosure instead, the second runs the real risk of getting nothing.

As for the foreclosure sale, I have already forced one delay; I will have to see if I can force another. I just made the first's attorney answer my finding that a deed assignment was notarized by someone who is not a notary. No word back yet.