Bank Of America Loan Modification for 2nd mortgage
sapan | Loan Modification, Mortgage Refinance | May 18th, 2010 Comments Off
Ok, pay close attention. I just completed a loan modification with Bank of America that has both the 1st and 2nd mortgage. They approved the 1st mortgage for a loan modification but they are just waiting on the 2nd mortgage.
In most cases, the 2nd mortgage just waits and watches what the 1st mortgage does. In this case Bank of America has both mortgages. So you have 2 options at this point.
- You can submit for a loan modification for the 2nd mortgage just like you did with the 1st.
- You can submit for a short sale on the 2nd mortgage. As the second mortgage will take a short payoff for the 2nd mortgage.
Example:
Fill Up Small Application Form to Get Approved For BOA Loan Modification For Second Mortgage
OR you can try to get a short payoff and see if the lender will take less than the $20,000 that is owed. Now you will have to have cash to pay them off. Chances are your credit is shot so you may have to borrow money from someone who trusts you. But if you got your $20,000 debt down to $3,000; would it be worth it?
It is common that some lenders will have both the 1st and the 2nd mortgages. You may have to do the same process for each loan. The lenders also deal with them differently. They are more willing to negotiate on the 2nd mortgage than the 1st mortgage. It all depends.
