After several attempts over the past year Bank of America finally decided that I qualify for a loan mod. Now I'm trying to figure out how and when to approach Citimortgage who owns my 2nd. I owe BofA $147,800.00 and Citi $20k. According to Zillow the house is worth $105k, I think it's more realistically around $120k-$130k. I'd like to settle the 2nd for no more than 20%, whats the best way to approach the lender and when should I do it? I don't want to do it if I don't get the mod approved on the 1st. If the mod doesn't get approved then we'll walk away. Both debts were discharged in a ch7 bk.
Any input is greatly appreciated.
Any input is greatly appreciated.