Parallel Second Lien Program - Examples

I can understand the difference between the two situation but I am sure that it is just a matter of right choice and one can save hundreds of dollars.

Thanks for enlightening us with the statistics.

Thanks & Regards.

:idea: :idea: :idea:

What is the process for the second lien program? Do I deal only with the first bank and let it play out automatically, or am I responsible for contacting the second bank?

Hi Garry,

Though your first lender negotiates with you, you would still be responsible for the second loan. If you do not negotiate with your second lender, he would call the loan due immediately or would charge off the loan to a collection agency. The collection agency will collect the dues henceforth.

My first is B of A, and my second is Chase. I just recieved my trial offer from the first bank and have made one payment. I called Chase and brought up the second lien program and they said it didn't exist, and they want me to send them a 500 dollar payment.

i think prime or first mortgage payment at the perticular time is important that second mortgage.

Hi Garry,

You will have to check out with your lender whether or not he has forgiven the second mortgage. I guess, the lender will settle your second mortgage dues on payment of $500. As far as the first mortgage is concerned, you will have to pay according to the trial plan.