Settle 80/15 Mortgage
Date: Thu, 08/19/2010 - 19:20
We got a 80/15 mortgage on our house which allowed us to not have to pay PMI. It was an interest only loan. 80% was based on market rate and then the 15% was at a higher rate in lieu of PMI. We put 5% down? Is it possible to settle the 15% loan and continue to pay on the 80? We are currently insolvent and settling over 150k in credit card debt. I know you can settle HELOC's but can you settle loans like this as well?
I settled my heloc for about 19% on $100k with wells. Your mort
I settled my heloc for about 19% on $100k with wells. Your mortgage is a "piggyback" that was very popular and involves a first and second mortgage. It would be my guess that if your home is in foreclosure, they might settle it. If not, I doubt it.
I agree with dantheman, if you are not behind and somewhere in t
I agree with dantheman, if you are not behind and somewhere in the foreclosure process they will just keep saying no and advise you that they can come and take your home if you don't pay. But once you are a certain number of days late they most likely will talk to you especially if you have a high end home that is difficult to sell these days.
