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nodebt4ever

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  1. We have 320K mortgage between the two and house has been on the market at 259K for months with no bites except for really low ballers. Our 1st holder used to hold both, but just sold it a few months back, my guess at a big loss. The second holder will not see any money from a sale. I may try to mod. Thank you.
  2. Typically, what happens if you default on second mortgage? First mortgage holder has first position.. so what happens if you default on second. They can't take your house. We are thinking of trying to do mod on first... but the second... I can't see being able to get first low enough to afford a second as well. Anyone with thoughts or experience in this regard? Thanks.
  3. If the first lien forecloses, the proceeds of the sale will pay off the 1st, then the leftover proceeds will pay off the 2nd. The rest of the 2nd will be written off as a loss. I don't think a short sale is possible with a 2nd, unless the 2nd is the one agreeing to smaller payoff. It's unlikely the first lien holder will agree to a short sale, if they know the 2nd will get money. After foreclosure... when the property is sold or auctioned, can first or second mortgage holders try to come back to you to sue for their loss? Thanks.
  4. If home is foreclosed or short sale.. what happens to second?
  5. Aurora sold the second to BSI about a month ago. We had not paid on it since October. Must have sold it a dime on the dollar. We don't have any cash. Barely making the bills.
  6. Thank you. Not sure what you are saying in above quote. What will likely happen with this second. I think it is now with a company called BSI? They basically bought a toxic debt.
  7. Here's my situation. I am sure there are lots of folks in the same situation. We got a interest only stated income (liar) loan, and HELOC in July 2007. It is basically a 100% interest only loan. Figured home would appreciate in value and refinance later. We made our payments on time until last October when I lost a large account. Once behind, had no hope to catch up, with our income taking a hit like that. Here is my question. Frankly, we were not honest about our income. The loan officer filled in the blanks and we said... hey we do not make that much. And she talked us into signing that. What do the loan companies expect with stated loans. If folks could prove income we wouldn't do stated would we? Anyway... we have been trying to short sell our home. We paid $320K for it, it is now listed for $259,900. The loan company (Aurora) is wanting to do a loan mod... but asks for permission to check our past tax returns. Another weird thing is a company bought our second from Aurora. How dumb is that... we have not made a payment since last October. What happens with seconds with these mods. Should I be concerned about giving permission to company to check old returns? Is there a legal risk in that our application was falsified. (like jail time etc) What do you all recommend? Try to do mod or just walk away. Our payments right now are about $2200.00 We really need them to be about $1000.00 Thank you.
  8. Here's my situation. I am sure there are lots of folks in the same situation. We got a interest only stated income (liar) loan, and HELOC in July 2007. It is basically a 100% interest only loan. Figured home would appreciate in value and refinance later. We made our payments on time until last October when I lost a large account. Once behind, had no hope to catch up, with our income taking a hit like that. Here is my question. Frankly, we were not honest about our income. The loan officer filled in the blanks and we said... hey we do not make that much. And she talked us into signing that. What do the loan companies expect with stated loans. If folks could prove income we wouldn't do stated would we? Anyway... we have been trying to short sell our home. We paid $320K for it, it is now listed for $259,900. The loan company (Aurora) is wanting to do a loan mod... but asks for permission to check our past tax returns. Another weird thing is a company bought our second from Aurora. How dumb is that... we have not made a payment since last October. What happens with seconds with these mods. Should I be concerned about giving permission to company to check old returns? Is there a legal risk in that our application was falsified. (like jail time etc) What do you all recommend? Try to do mod or just walk away. Our payments right now are about $2200.00 We really need them to be about $1000.00 Thank you.

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