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varga197
129 Posts |
 Posted - 07/24/2008 : 8:53:55 PM
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What happens with the second mortgage company, when someone is trying to modify and get a principal reduction even on the first mortgage?
thanks |
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johnnyboy38109
2524 Posts |
Posted - 07/24/2008 : 9:00:01 PM
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quote:
Originally posted by varga197
What happens with the second mortgage company, when someone is trying to modify and get a principal reduction even on the first mortgage?
thanks
nothing....lien position is not juxtaposed when a mod is done by the first..............is that your question, what happens to lien positions when a mod is done? |
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varga197
129 Posts |
Posted - 07/25/2008 : 12:11:23 AM
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| Yes. Sorry that was my question. What if the first lienholder agrees to principal reduction? Does borrower still have to pay the second in full? thanks |
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slants
4203 Posts |
Posted - 07/25/2008 : 12:20:30 AM
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quote:
Originally posted by varga197
Yes. Sorry that was my question. What if the first lienholder agrees to principal reduction? Does borrower still have to pay the second in full? thanks
Yes, unless you can successfuly negotiate a mod on the 2nd as well, but doesn't seem likely. |
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rtrefflich
2634 Posts |
Posted - 07/25/2008 : 12:22:19 AM
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It depends upon what is worked out with the second lien holder.
There are a few options, one is principal reduction, they could sell positions (sell the $100,000 loan for $10K or something), they could reduce the interest rate, etc.
Something has to be worked out independently with the second. |
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isabella2113
276 Posts |
Posted - 07/25/2008 : 04:34:21 AM
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| I actually have successfully modified both the first and the second. However, both were with the same company. |
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darkstar
15855 Posts |
Posted - 07/25/2008 : 04:49:52 AM
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| 2nd lien holders are settling for nominal amounts if anything...Some will continue to go after the borrower for the difference... |
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