All Forum Posts by: Maureen Smith

I note your answer as one experienced in such matters, but for the record ... as far as both lenders are aware, the property is owner-occupied. This may make a difference in any outcome. Regardless, I am contacting both lenders today in order to try for loan modification arrangements. I have been in communication with them over the last 6 months and now it is time to actually get something finalized with them both.
Thanks for your time and valuable input.
Mo

Jon, I've rented the property out for 2+1/2 yrs now, but barely make anything on it. Owned it for 15 yrs but re-fied and took out equity few times. Plan is to keep it long term until market gets back on track (10 yrs+) may work out in the long run. Recently gone through a major break-up and lack of income due to the fact we ran a business together. His General Contracting biz... I get nothing from it! I'm working with the 1st and keep getting different "advice" from nay-sayers... you know how that goes! Well, Savings have all but gone and I'm looking for work meanwhile, I will be contacting both lenders and see what I can arrange by way of a loan mod for first and second. I'm holding on for the moment but may just let it go into foreclosure.

Hi, My property in California, is appraised approx at $320,000 and my 1st balance is approx $360,000. My second is for approx $73,000. I've stopped paying the 2nd and I'm trying for a loan mod on the 1st. Would the 2nd go forward w/ foreclosure even though they will not get anything at all? Should I write to them asking to forgive the loan and get it off their books? Any help/advice will be appreciated. Thanks.