Settling with Second (subordinated) lender.

[kend7198]

What is the name of your state? wa
1) I am currently in foreclosure with my primary mortgage holder.
2) We will be selling our home before foreclosure gets very far.
3) I am trying to negotiate with our second mortgage holder to reduce the payoff amt based on our foreclosure status and their risk of getting nothing should foreclosure proceed.

?? Has anyone tried this before or have any suggestions on proceeding. Do you think they will agree to settle for less. My negotiating positions seems strong based on their risk......thoughts.

 

[HomeGuru]

What is the name of your state? wa
1) I am currently in foreclosure with my primary mortgage holder.
2) We will be selling our home before foreclosure gets very far.
3) I am trying to negotiate with our second mortgage holder to reduce the payoff amt based on our foreclosure status and their risk of getting nothing should foreclosure proceed.

?? Has anyone tried this before or have any suggestions on proceeding. Do you think they will agree to settle for less. My negotiating positions seems strong based on their risk......thoughts.

**A: you have nothing to lose by negotiating a short sale. The lender has a lot more to lose. You may need to hire an attorney.

 

[HUD-1]

I have seen many short payoffs with second mortgage holders. You will need to show them (usually with an appraisal) that there is not enough equity to pay them off in full. You have to get their attention and remember the saying about the squeaky wheel...

 

[HomeGuru]

Good one........