Second Mortgage Lien Settlement

Homeowners across the nation are struggling and many of them want to stay in their property. Many homeowners attempt a loan modification and do not qualify. Others that have qualified continue to have financial difficulties even after receiving a loan modification. At times it is only the 2nd mortgage they can not afford and if they were able to settle that lien, they’d finally be able to stay current on their property. Or potentially their property is only under water due to the 2nd and if the 2nd lien was settled the home would finally regain an equitable position. When a subordinate lien is a Home Equity Line Of Credit or a fixed rate mortgage and is “underwater” it is possible to settle the debt for less than what is owed. In order to settle a 2nd lien typically at least 10% of the unpaid balance will need to be offered to the lender. Also, the lender typically will want to review a borrowers financial settlement package as well as part of the criteria for settlement eligibility. Remember that it is imperative to present your case in the best format and light in order to increase your chances of being approved for a favorable settlement.

If a second mortgage lien settlement is a loss mitigation work out option you are interested in attempting or if you would like additional information, please fill out the form below.

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