I'm looking for some hope here guys and gals. I think I've read a few years back of credit unions settling pretty low on second mortgages and wondered if anyone had experienced such a recent event within the last year or so. Sure would be helpful to know what leverage, if any was used. I mean, come on...I'm thinking of going to the credit union that I have not have corresponded with since 2012! Does anyone know for sure the legalities or statute of limitation in Marylandistan for second liens? They can clearly see I'm way, way underwater and have a bunch of unsecured debt along with federal student loans. Why wouldn't they work with me if they can close this out for $1K to $4K or so on $60K?Owe $630K on first and house worth $480K. Have a second for $60K that I stopped paying on in 2012. The first was originally $480K but I had to stop paying in 2010 due to a job loss. I wondered if I had enough leverage to settle on the second now that the home is still underwater and has had arrears tacked onto the first mortgage? I checked my credit report and it says the second was a "charged-off". I was leaning to contacting them, but do not know the legality of how much time they have to pursue me. I reside in Marylandistan. I also have over $22000 in unsecured debt and over $100K in student loans. I would like to offer a settlement if they would close it out, show it as paid in full and not pursue the difference. I am self-employed and my salary ebbs and flows with more ebbing than flow...Any ideas out there? I would certainly appreciate it. I'm willing to take out a small amount from my retirement fund but need to know what other's think. Take care.
ok but im pretty sure thats rare and seems to have happened procedurally in most cases. i dont know of that ever being the result of someone looking to settleI received a $200k+ extinguishment and mine was shown as "paid in full" on the letter and now my credit report. It can happen.
That is correct. I received an extinguishment and so did a close friend of mine. In both cases they wrote or called us, offered the extinguishment and sent the paperwork.ok but im pretty sure thats rare and seems to have happened procedurally in most cases. i dont know of that ever being the result of someone looking to settle
Any news? Were you able to get them to agree to reporting it as paid in full?Question for those that have successfully settled their seconds which were considered paid in full. I made an offer and ultimately verbally accepted a counter offer. We walked through the details. I received verbal agreement that it would be considered paid in full and reported as such within x days. Last week I received the offer letter which in bold letters at the top says 'short pay contingent approval' and elsewhere in the letter says they are accepting a 'short payoff', will release the lien etc. but no mention of reporting as paid in full so I am ready to back out unless it clearly states what they agreed to. Did any of your settlements that were considered and reported as paid in full read this way? I respectfully don't want to share more details since this isn't done yet.
It's done.Any news? Were you able to get them to agree to reporting it as paid in full?
How many times did you contact them? And when was the last contact?SUCCESS!!! OMG. Today, out of nowhere I received a copy of the Deed of Reconveyance and lien release for our Chase 2nd from 2006. We stopped making payments on it in 2012. I am stunned and still thinking this can't be real. Even googled the term to be sure i knew what it was lol! This 2nd was over $200k. It's been so long since I've been on this website but I have to say thank you, a million times over, to all of you and this forum. Amazing that the Strategy for Settling 2nd's is still working in June of 2019.