Foreclosure in Los Angeles>Question Details

Cappy73, Other/Just Looking in Los Angeles, CA

Is anyone settling 2nd mortgages BEFORE foreclosure proceedings?

Asked by Cappy73, Los Angeles, CA Mon Feb 23, 2009

More specifically - would love to hear from anyone settling 2nd mortgages for pennies on the dollar where the 2nd is underwater? I've read about some people doing this during the foreclosure process but not before.

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I had a client that settled the second in order to sell the house and be free and clear. He was able to talk them down to 10% and send him a letter showing that he was no longer responsible for the debt. Each bank has different guidelines and the loans can be different depending on who the investor is even in the same bank. Also, being behind or near foreclosure is not always needed, I have sold homes where the owner was never late and with a letter from the bank stating that they would not come after him purchased a home a month later.
Things are changing...
0 votes Thank Flag Link Thu Mar 8, 2012
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