Can I Settle My Second Mortgage Without a Tax Liability? – Ellie

Question: Dear Steve, I have lived in my house for 16 years. Due to various circumstances, I have fallen behind on mortgage payments. My primary lender has filed for foreclosure as a result. My home is currently listed for sale. I have a smaller second mortgage with Chase that was a piggyback loan on a … Read more

Would it Make Sense to Try and Negotiate With Wells Fargo on My Home Equity Line of Credit? – Jessy

“Dear Steve, I have a newly refinanced mortgage of $330,300.00 at 4.125%; It was previously with GMAC and now with a company I’ve never heard of before – OCWEN (for about a month it was with Green Tree – I guess both OCWEN and Green Tree took over from bankrupted GMAC). I have a second … Read more

My Second Mortgage Was Going to Settle So They Got a Judgment. – Din

“Dear Jared, I had to short sale one of my investment condos in 2010. We thought the 2nd lien was settling at closing and then they pursued me for the full amount owed and have now place a judgement against me. They refused to settle for less than 75% of what was owed. I also … Read more

We Want to Settle Our Second Mortgage That Charged Off. Is That Possible? – Michael

“Dear Steve, I owe 490,000.00 on first mortgage and just finished 3 trials of loan modification with fannie mae for a much lower affordable payments. Dropping our interest rate and extending loan for 40 years. Payments went from 4,000 to 2600.00 . Our final papers have not come in yet to finalize. In the meantime … Read more

I Discharge My Mortgages in Bankruptcy and Now Want to Settle Them. – Carla

“Dear Steve, I have a first motgage with Wells Fargo for $97,000 and a HELOC with Fifth Third for $29. My property value on Zillow is $88,000. I filed chapter 7 that was discharged in March 2009 and never reaffirmed either mortgage. I was thinking of stopping the payment of my HELOC and continue to … Read more

Can I Get a Mortgage Release for My Second Mortgage if I Settle It? – Patricia

“Dear Steve, I owe on 1st mortgage more than the assessed value of the home. I had a 2nd mortgage like the HELOs you talk about-revolving credit loans. I defaulted on the 2nd but the company did not foreclose probably because of the value of property. I now received a settlement offer from a collection … Read more