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Negotiating Second Mortgage Relief

Many homeowners seeking a mortgage refinance or a loan modification have been hindered because of their second mortgage loan.  Many borrowers looking to lower their payments with fixed home refinancing solutions are frequently denied because their 2nd mortgage raises their combined loan to value level beyond the threshold allowed for refinancing.  Even people pursuing loan modification plans run into problems because their second mortgage lender will not cooperate.  Very few homeowners have been successful getting a second mortgage modification.  In some cases it’s easier to negotiate a buyout so that you no longer have a mortgage in second position. Lawyers and loan modification companies call this second mortgage lien stripping and these mortgage relief firms usually charge between $1,500 and $3,000 for their services.  If you are able to buyout a $100,000 second mortgage for less than $20,000 then paying these fees makes sense.  You must make sure however that if they are unsuccessful stripping the second lien that you are reimbursed your money.

Posted in 2nd Mortgage News, Foreclosure Prevention, Mortgage Relief, Second Mortgage Modification. Tagged with , .

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