Negotiate Second Mortgage ?
can i neotiate with the second mortgage holder down to a lower amount even if there is a good amount of equity still in the home. im talking with the owner now and it was scheduled to go to sale on wed but we got it postponed two weeks. the reason i ask is because he has a first mortgage of 86k and a second at 26k but the judgement amount at the sale is only 101k so that would mean most likely the second mortgage was cut in half can i still do that if it does not go to sheriff sale. and i want to pay it off.
thanks
Yes, you can negotiate the second mortgage down. The final judgement includes interest, late fees, appraisal, attorney fees, etc. It does not include the second at all. If the first takes the house at auction, the second gets nothing.
Offer the second 50 cents on the dollar. Equity or no, they stand to get nothing or a wee something.
Good luck.
Yes, you can negotiate the second mortgage down. The final judgement includes interest, late fees, appraisal, attorney fees, etc. It does not include the second at all. If the first takes the house at auction, the second gets nothing.
Offer the second 50 cents on the dollar. Equity or no, they stand to get nothing or a wee something.
Good luck.