How best to negotiate with the 2nd mort. holder?

john · Joined: 04 Mar 2008 Posts: 1 1.39 Dollars($)

I have negative equity in a rental with a 35k second with National city. My best result would be to get Nat. city to tak a fraction of the note, and give the deed back to the 1st mort. holder in lieu of foreclosure. I want out of this property.

jameshogg

Hi John,

Welcome to forums.

You seem to be in mortgage problems and that is the reason you wish to hand over the property to the first lender and at the same time, pay a certain amount to the second lender to compensate for his part of the debt. This seems to be ok but have you consulted the lender about any alternative option, if available?

There are in fact several ways to handle this problem and save your home from foreclosure if you are in default. So, take a look at the different ways and then have a straight talk with the lender.

Thanks

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi John,

Welcome to forum.

As you are facing problem regarding your monthly mortgage payments, you should better have a talk with your lender ASAP and check out if there is any option available like Forbearance or Loan Modification.

DIL should be your last option. If you cannot afford any option then you should try out Short sale and pay off the lender. Short sale will affect you credit less than DIL.

Feel free to ask if you have any further questions.

Best of luck,
Larry

Jeanette · Posted: Wed Mar 05, 2008 3:45 pm Post subject:

Hi John,

Sometimes if nothing else, there are investors out there who would buy the property from you and then sell it back to you. This is to avoid foreclosure .

Jean, Loan Officer Representaive
NCI Company

Cell: 757-338-1889

"www.ncimortgage.com"

[Email address deactivated as per forum rules. Thanks.]

0.10 Dollars($)

hi man,

talk to your lender and see if there are any other options:)

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

What about a short sale?

adamr6cox · Joined: 28 Mar 2008 Posts: 4 2.10 Dollars($)

how do people get in situations like this!!

Guest 0.10 Dollars($)

well it happens because in most cases either people don't go for the right loan or they take out a loan when they shouldn't. At times, the market conditions change suddenly thereby reducing home prices, so even if one tries to get out of mortgage by selling off the property, he can't do so.

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