Posted on: 05th Jan, 2012 12:45 am
hii all… i have an interest only second mortgage which is 68k in value. right now my financial situation is not well off and it has become difficult to pay off the debts. i’m presently not paying off that debt and only paying off my primary mortgage. this interest only mortgage has been sold 2 times and at present, it is not even listed at the town hall. the present company has offered me to settle the debts for 15k as i haven’t paid the monthly dues for quite a few months. i want to know whether or not it will be a good option to settle the second mortgage?
Hi Allan,
You have mentioned that presently, your mortgage is not even listed with the local town hall. I will suggest you to contact a real estate attorney and check out whether or not you're liable for paying off the mortgage in any way. In case, the attorney suggests you that you're liable for the mortgage payments, then you may agree to the settlement offer that you have received.
Take care.
You have mentioned that presently, your mortgage is not even listed with the local town hall. I will suggest you to contact a real estate attorney and check out whether or not you're liable for paying off the mortgage in any way. In case, the attorney suggests you that you're liable for the mortgage payments, then you may agree to the settlement offer that you have received.
Take care.
In addition to Sara's suggestion..... There may be tax liabilities......
Consult an attorney. Show them the settlement paperwork.
also: 'settled' 2nd lien will be as bad as a foreclosure on your credit report.
Consult an attorney. Show them the settlement paperwork.
also: 'settled' 2nd lien will be as bad as a foreclosure on your credit report.
If the debt is in fact yours, the lender, depending on loan type, and deed used, may be able to purchase the first mortgage and foreclose on your home. If the loan is yours to repay, making a settlement would be much better then foreclosure, as you would be able to continue living in your home, paying only the 1st mortgage. Hopefully you would be able to make that payment. But my question is, if you can make a 15k one time payment to pay off this lien, why are you not making the regular montly payments.
