Market Conditions in Davie>Question Details

Daviehomeown…, Home Seller in Fort Lauderdale, FL

Are banks like Chase accepting short playoffs on second liens ?

Asked by Daviehomeowner, Fort Lauderdale, FL Sun Aug 3, 2014

Hi I bough my house in nov 2006 for 688k obviously wayyyy overpriced. We got the most horrible financing options : first loan with suntrust at 400k interest only for the first 10 years, (30 yr/6.9% interest) the second lien was worse , $288k at 8.89% for 30 yrs ) our original intention was to sell our other two smaller properties and pay off the secon lien. Obviously that did not happen. Prices dropped and we had to rent the other 2 properties and were stuck with 2 huge mtgs. In 2009 I decided to be the first person to modify my loan and after a year of battling with suntrust , I did it : $ 400 k @ 27 yrs 1-5 @ 2.5% , 6,7 and 8th yr goes up a point and it caps at 4.75% on the eighth. Not bad Second one with Chase got also modified in 2011, 26 yrs , 1-5 yrs 1% , 6,7 and 8th goes up over a point and it caps at 4.85 %. Our atty has told us to make an offer for 10 to 15% of what's owed on the second based on fair market value about 390 k

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No, but you can do a short sale, move back to one of your rentals for two years, you can get a mortgage now with good credit two year after a short sale.
0 votes Thank Flag Link Mon Aug 4, 2014
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