Many individuals have a second mortgage they are having trouble paying and owe more on their home than it is worth. In this situation, the homeowner does have an option other than bankruptcy, foreclosure or a short sale. He or she could attempt to negotiate a payoff for the second mortgage for 10 or 20 cents on the dollar.
Second mortgage lenders will likely entertain this idea because it will probably be their only opportunity to recover payment on the loan. A borrower who can’t make their second mortgage payment will likely either be forced into a foreclosure, short sale or bankruptcy. If each of these cases, the second mortgage company will likely recover nothing. Therefore, it is within the lender’s best interest to negotiate with the homeowner for cents on the dollar.
The only problem with this scenario is that the homeowner needs to have money to pay off the second. However, if the homeowner has the funds, a payoff will provide short term relief and likely prove to be a sound long term investment.
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Thanks
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