QUESTION
I have 2 mortgages, one primary on my house and a secondary one through different mortgage company (it was a consolidation of student loans and other)
Asked on May 23rd, 2012 on Real Estate - Connecticut
More details to this question:
I''ve tried before to lower interest rate with the 2nd mortg. because it is very high but did not work because of real estate value drop. the mortgage company for the second one is now filing chapter 11. what options I have now? can I lower rate? or can i settle if I offer lump sum money which could be $5000 out of a $40,000 loan? please adivce if there is any option I can benefit from to help my financial situation since I struggle.
1 ANSWER
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Don't get your hopes up. If your mortgage lender is filing for Chapter 11 protection, it will either recover its financial standing, or its assets will be sold to another investor. Either way, there will probably be no incentive for the lender to compromise its right to receive full payment from you. If, however, you should receive any requests from the lender to renegotiate the loan -- as part of some kind of re-structuring of its assets -- you should pay close attention. In such event, I recommend that you confer with a good real estate attorney in your area to take advantage of any possibilities.
Answered on May 26th, 2012 at 12:50 PM