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Second Mortgage Help

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mortgagehelp Guest	Posted: Wed Mar 24, 2010 11:30 pm    Post subject: Second Mortgage Help Like 0 Dislike 0 I recently had my house foreclosed. The property is in Arizona and the foreclosed house was my primary residency. I got original primary ($160,000) and secondary mortgage ($43,000) through Countrywide. In order to reduce the interest rate from my 2nd mortgage, I had applied for line of credit from Bank of America for $50,000 to pay off $43,000 from my original 2nd mortgage loan through Countrywide. BoA later took over Countrywide. I received a letter from BoA asking me to pay back $51,795.31. In the letter, it says that they will make an offer to me to match $3,000 for every $1,000 I pay. So, if I submit a payment for $12,948.83 then my account will be considered settled in full. What actions should I take? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Thu Mar 25, 2010 11:01 pm    Post subject: Like 0 Dislike 0 Hi Guest, Though your property has been foreclosed upon by the lender, you are still liable to pay off the second mortgage. As the lender is offering you a payment plan, I would suggest you to accept it if you can afford to pay. In case, you're facing severe hardship, then you can negotiate further with your lender. Thanks

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