We're 100% underwater on our second mortgage. We did an 80/20, and it's possible that even the 80 is under by a few thousand. But there's no doubt the 20 is totally unsecured at this point. I'm just wondering if anybody's ever successfully used a strategy to reduce the 2nd or HELOC. Like not pay for a year or two and then negotiate a settlement to release the lien?
We had our first and seconds through the same big bank, but my first was sold to a new bank the day after I filed. (I had received notice it was being sold about a month earlier, before my filing date. Sucks to be the new bank, eh?) I was just thinking/hoping/wishing the sale of my first to the new bank would be a disguised blessing since now my second is held by a different bank. If I was foreclosed for not paying the second, there'd be nada left for the second holder, so there's little if any incentive for them to foreclose on me, n'est-pas? We're stay and pay, btw.
We had our first and seconds through the same big bank, but my first was sold to a new bank the day after I filed. (I had received notice it was being sold about a month earlier, before my filing date. Sucks to be the new bank, eh?) I was just thinking/hoping/wishing the sale of my first to the new bank would be a disguised blessing since now my second is held by a different bank. If I was foreclosed for not paying the second, there'd be nada left for the second holder, so there's little if any incentive for them to foreclose on me, n'est-pas? We're stay and pay, btw.
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