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And every time, I told them that I am going to live in it without paying them.

I still remember people were warned to buy food supply to store in various places, like their car, in 1990s. And in 1995, I was at a junk yard looking for car parts, and saw food supplies in many cars. The cars with food supply were junked before food was rotten.

Yeah, people lost their house, and that is because they walked away, or it probably got burnt in a fire. SLS finally after a 3 month runaround responded to our offer of 12k (ish) on 30k principal, 72k with all interest. We have this house rented and currently in a 3 year lease.

First mortgage is current, and if they payoff first, they could probably clear the full second (72k) but not without some work. This is no longer on my credit and they wanted me to modify it, accepting a new principal of 72k.

We need more people to step up and fight this shhh...

Allowing them to put a ridiculous high price on a compare loan home, and selling it to someone who guarantee to default is all BS. No money going back to the lenders, the banks will fail, just like in 2008. Like everything there is a cycle, the cycle needs to be reset, and ways to get fast cash everything will be back to normal-Balanced. I told them I am not going to pay them anything, they can either settle or go ahead with the foreclose.

They said that are not willing to settle, as if they had foreclosed, they would get all their money back plus some more. I told them to go ahead, I have been waiting for them to foreclose for the last 10years. I thought this time for sure they would foreclose and so I waited for the foreclosure notice. But all they did was sent me the usual options letter.

Some options about trying loans wichita ks to sell my house, workout a payment plan, or loan mod.

I can not believe with all the yelling, they had chicken out on me. Posting this to see what everyone thinks, want to make sure this language looks correct, to me the important thing is the Release of the Lien and Satisfaction of Mortgage. Once this is finalized I will update everyone on how this process worked for me. SLS finally after a 3 month runaround responded to our offer of 12k (ish) on 30k principal, 72k with all interest. We have this house rented and currently in compare loan a 3 year lease. First mortgage is current, and if they payoff first, they could probably clear the full second (72k) but not without some work. This is no longer on my credit and they wanted me to modify it, accepting compare loan a new principal of 72k. I want to start trying to get data points on those who are settling these loans. Hope it was all my trashing with them that made them back out on some of you.. Someone like me gotta step up, and show them what is up. If no one stepped up, they would be punking you guys around like that one Erik guy..

I should record some of my conversations with them and upload it on youtube. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. The lien is going to catch up to you at some point, you know it, everyone knows it. Whenever I have conversations with SLS, they are professional. I would never, ever advise someone to call them and tell them to shove it. And it sounded like your clients are paying dearly. The truth is, the lenders are going to skin you alive if they had a chance. As for the interest or whatever fees that piling up, the higher the better. It would just mean that I have indirectly loans same day gained more. Hope it was all my trashing with them that made them back out on some of you.. Someone like me gotta step up, and show them what is up.

If no one stepped up, they would be punking you guys around like that one Erik guy.. Hello all- Bigfrog, you had absolutely nothing to do with them backing out , whatever that means. The way you are handling your situation is a completely opposite approach that I took. Was my deal a pennies on the dollar that some have been able to get years ago?

I can afford it, got the second lien released paid in full and final, and most importantly this albatross is off my back. I wish everyone well and good luck with tribal loans for bad credit trying to settle, keep in mind that you are dealing with people, no different than you and I. And I get bonus points as mine is A first mortgage. And still I would never be compare loan intimidated by SLS as they hoped I would be from the first time they tried to speak down to me. I can afford it, got the second lien released paid in full and final, and most importantly this albatross is off my back. I wish everyone well and good luck with trying to settle, keep in mind that you are dealing with people, no different than you and I. Could you also potentially be very specific about the equity position, home value, and how long you had been delinquent?

Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. My husband at the time worked in mortgage so funds tanked as well. We hired a mortgage specialists to help us out and his advise was to stop paying on the second and pay on the first. We did best payday loan that and at about 6 months we refinanced the first and caught back up.

In the meantime the second mortgage with Countrywide went bankrupt, saw 1000 dollar loan no credit check nothing on our credit and went on paying the first as we loan fast cash were underwater anyway.


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I hired a lawyer right away, and we waited for them to make a deal. I can currently refinance because of course there is now equity-in the house. They want copies of my current mortgage statement with the principle balance? What did you think happened to the second mortgage after 2008? By not including it in your original bankruptcy case, you are still responsible for the debt plus the lien remains on the property. Including it in bankruptcy would of released you compare loan from the debt, with only the lien remaining.

I filed Chapter 7 in 2011, not paying the 2nd, current on the 1st and the lien has been transferred to a debt collector. I am not responsible for the debt, but the lien remains.

Second lien holders can foreclose, but unlikely since they have to also pay off the first to begin foreclosure procedures. Legally, they are trying to release a lien, not collecting a debt. Check with your county register of deeds and see who actually holds the lien. The fact that they went bankrupt or charged off your loan means nothing to you.

Charged off just means it was considered uncollectable to them. They still had the legal right to sell or transfer that debt. Keep current on your 1st mortgage if you want to stay in the house. Do not send the lien holder any of your financial information. They will only use that information against you to show that you have the ability to pay more. When you verify who holds the 2nd mortgage, contact them for a settlement only in writing.

Send it by certified reciept so you can show an attempt was made to settle. Surely his name is on the mortgage from 2007 and he is also responsible? He or you may have been released from the debt during divorce proceedings. See what the response is and remember no phone calls or emails. With the coronavirus taking its toll on the US, that may be a good sign for you. Housing prices are going to drop in the next 6 months and debt collectors will become easier to settle with. If foreclosure has not been threatened by them, simply keep paying your first and be willing to negotiate with the second. Again its unlikely they will foreclose but not unheard of.

Sorry it was New Century Mortgage and yes shame on me for thinking it disappeared. When I remodified first loan Into a HAMP loan they said the second would be forgiven. Lawyer handling all this and already had me file loss online loans missouri misigation paperwork and give them a copy of current loan status and principle balance in which I argued with her about. I am primed and ready at the drop of a hat to refinance once they make an offer and I am ready to accept at least the full original amount.. Just want this over with so the home is free and clear and in my name. And yes part of me is thinking, damn you guys better move fast or nothing is going to happen for sometime with COVID 19 and a recession.


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Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. Brief background history - we filed BK in 2009, I believe. If the compare loan buyers happen to run a title search first, will that screw us?

Did we by any chance speak about a possible refinance on this scenario? The charged off lien will need to be paid off upon selling the home. That means all the fees that they have attached to it as well. First - No buyer is going to do a title search of their own on your house. What you should do is request a pay off statement - from wherever is sending you bills or monthly statements. If they charged it off after six months of no payments - the delinquent interest and fees should be quite reasonable.

My biggest worry is you may actually be underwater depending on how the investor treated your loan. Hence the reason why we want to move to a cheaper area!!

They all of a sudden think they can get ALOT more than what they could get in a different circumstance.

I jumped on a three payday lending way call and handled most of it myself which is why this sounds so familiar.

I would mention that you just got your tax return back and want to settle the lien if possible.

No need to give them any other information than that... They may require to be paid off within a certain period of time. It can be done via a refinance as long as the loan was charged off for more than 4 years but you would want to keep that new loan for at least 6 months. What will happen is they will simply get their proceeds in the sale of the home, like a normal lender would. When your account charged off (well before 2018) they stopped the accrument. I still feel like I have it a little bit over here and it was a month ago it attacked me. Brief background history - we filed BK in 2009, I believe. If the buyers happen to run a title search first, will that screw us? And you had a 2nd mortgage that was charged off in 2018. What exactly was discharged in your 2009 bankruptcy? A quick way to find out who holds the lien is just go to your county register of deeds-most counties even have this online to look up. If your first was discharged in bankruptcy, they probably have a lien also. This will all need to be sorted out when you try to sell. Any liens will come up in a title search and the new buyer will not be able to get a good title with unreleased liens.