2nd mortgage.

Guest

I live in CA. I have heard that some banks are willing to settle 2nd mortgages for 5-10% of the loan. Has anybody actually done this? What would force a bank to settle? i guess something is better than nothing.

Thanks for any response.

smithsussane · Posted: Wed Sep 23, 2009 7:29 pm Post subject:

Hi Charles!

Welcome to forums!

I do not have a personal experience wherein the banks had settled the second mortgage for 5-10% of the loan amount. However, I feel this will depend upon the bank whether or not they are interested to settle your debts. The eligibility criteria will also vary from bank to bank. However, it would mainly depend upon your financial situation. If you can prove to your lender that it won't be possible for you to pay off the whole amount due to your financial situation, he may consider your request to reduce the loan amount.

Feel free to ask if you've further queries.

Sussane

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