Settle 2nd Mortgage for 10% of amount owed?

On September 29, 2011, in Bankruptcy, Debt settlement, Foreclosure, by Robbie L. Vaughn, Esq.

Settle  Your Second Mortgage

Settle your second mortgage for 10% of the loan amount owed?

Let’s say you owe 90k on your second mortgage and the bank is willing to accept 9k in full satisfaction. Not bad, right? Well, we have heard of such an offer! Generally, we would want to consider any issues or problems with the first mortgage holder. Additionally, among other things, we would want to determine  if the Homeowner could and/or should file bankruptcy and “strip-off” the second mortgage. At any rate, such an offer is certainly worthy of careful consideration.

The Law Firm of Vaughn, Weber & Prakope, PLLC, proudly assists residents of Nassau county (Long Island), Suffolk county (Long Island), Queens (New York), and Brooklyn (New York) with their legal matters. Call (516) 858-2620 to arrange a consultation with an attorney!

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