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drewskids · Joined: 14 Aug 2009 Posts: 1 1.62 Dollars($)

I have my first and second both with Indy Mac.My first was modified for 3% for 5 years and than it increases to a percent.
My second is at 11% but my house is upside down about 80,000.
I wanted to know if there is a chance we can settle the second at all. Our second is killing us. Is there anything else we can do for the second lien.
Thank you all.

adonis · Posted: Fri Aug 14, 2009 7:50 pm Post subject:

Welcome drewskids,

You can negotiate with your lender for a modification of your second loan. This will help you in lowering your interest rate and make it affordable for you to pay off the loan.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

drewskids

Welcoem to the forum

You need to call your banka and ask for interest modification on the seocnd

Good luck and feel free to ask

Guest

I owe much more than the house if worth due to economy..1st mortage is current..2nd nortgage is 5 months late due to wage cut and hours reduced..2nd mortgage offered lower interest rate but still cannot afford it..Got default notice, called and they still offered same thing.Can I try to negotiate a one time settlement? and what can they do about this? Thanks in advance

gmakerley · Posted: Wed Nov 18, 2009 10:45 am Post subject:

your second mortgagee can sit still and do nothing if it wishes. at some time, they can hope, your equity situation will reverse itself as property values begin to increase. inasmuch as you can't do anything with your home unless you engage them, they've got a right to sit and do nothing. perhaps that's the stance they're taking.

you need to convince them that there's no end to the difficulty and that they ought to settle with you somehow, for lower payments, reduction of amount owed, or whatever you can wrangle with them.

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Settling Second Lien