consolidation for small secured debt
Date: Sat, 02/14/2009 - 15:48
it would be helpful to know your Loan-to-value ratio on the prop
it would be helpful to know your Loan-to-value ratio on the property (assuming it's property) in which it's secured. In this disstressed housing market, 2nd mortgages are getting settled for pennies on the dollar. Although they are secured against the home, since the value of the home is less than the combined mortgage balances (to which the 1st mortgage holder has first right) therefore the 2nd mortgage holder is likely to settle for whatever they can get. We are seeing some rediculous settlement figures in the modification business. Since the value of the property no longer exists, what is the debt really secured to?
Yes as a post above has mentioned, if your loan is secured again
Yes as a post above has mentioned, if your loan is secured against property, the value of the property itself is much less than what it used to be, therefore you could get a good settlement. However it depends on how much you owe, and against a security of how much.