Posted on: 15th Dec, 2009 11:14 am
Can I write a ltr to my 2nd mtge lender, with an appraisal showing that the home is upside down and i can only cover my 1st mtge. Would they terminate my 2nd mtge, would they get rid of it?. If so, what step do i have to take?. Or if not- what can i do, to get rid of it, since refinancing is not on option.
Thank you.
Thank you.
you owe them money secured aginst your house. If you default on payment they can foreclose, though they may not want to as the first mortgage holder will get the proceeds of the sale and they will only get what's left after the fisr mortgage is paid.
They aren't going to just forgive your debt though if that's what you're thinking.
They aren't going to just forgive your debt though if that's what you're thinking.
hi fifi!
welcome to forums!
i don't think the second mortgage lender would forgive your loan. the property has been used as a collateral to secure the loan. thus, the second lender may either sell off the property to recover the dues or may charge off the loan. in my opinion, you should write a hardship letter to your lender and apply for a loan modification. if the lender accepts your request, you will be able to pay off the loan.
feel free to ask if you've further queries.
sussane
welcome to forums!
i don't think the second mortgage lender would forgive your loan. the property has been used as a collateral to secure the loan. thus, the second lender may either sell off the property to recover the dues or may charge off the loan. in my opinion, you should write a hardship letter to your lender and apply for a loan modification. if the lender accepts your request, you will be able to pay off the loan.
feel free to ask if you've further queries.
sussane