QUESTION
How do I get 2nd mortgage to settle the debt?
Asked on Dec 05th, 2018 on Foreclosures - Florida
More details to this question:
I have 2 mortgages on my home. The 2nd mortgage foreclosed. The 1st loan is in good standing. I tried to do a workout but company didn’t want too. The 2nd mortgage bought back the mortgage at auction time. I found an investor who I signed contract before auction date. I presented this to the 2nd mortgage company who has asked me for Hud1 statement. The amount owed on loan was $40K and they have tacked on other fees totaling around $80K. How can Get them to take $40K and settle my debt? The payoff for 1st loan is $85K. The selling amount is $165K.
1 ANSWER
Consumer Debt Collector Harassment & Abuse Attorney serving Tampa, FL
Partner at
Tischhauser Law Group
2 Awards
You simply won't. You can't expect to not pay a bank, force them to foreclose on your property and then after then spend 80k in the effort expect them to just eat the expense for your benefit. You probably just cost yourself a bunch of equity not handling this properly and the 2nd mortgage lender see plenty of equity to pay both first mortgage and second debt so you dont seem to have a lot of leverage.
Answered on Dec 12th, 2018 at 10:27 AM
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