Bank of America 2nd loan settlement success

Some people are saying that they have gotten a successful settlement @ 5 -10%, some say 2nd loans interest rates automatically get reduced to 1-2%, there is another news that BofA will reduce principal for some owner.

Not quite sure if they really put a lien on the property.Does the bank have to notify the homeowner before they put a lien on the property. If not, how would one find out if a property has a lien without doing a title search.

Here is my current 2nd Loan Situation (still unresolved)
2nd loan Loan Balance $80,000
Current Variable Interest rate: WSJ Prime + 3%
Years Left on 2nd Loan to mature – 5 years

Now considering that i will have to pay $3000/month (my settle 1st mod payment) and i will have no money for second. I have to starve to make payment on my second.

Best strategy to deal with BofA for 2nd loan settlement

it only “goes away” if you get them to agree to release the lien rights upon settlement, and in doing that make sure they also put in writing they will not pursue you for any deficiency between the offer and the actual amount owed – or you’ll be 1099′d at the end of the year.

Personally I think anything that is secured with a lien (car, house, RV, boat, etc) the property itself is the security and if defaulted upon, the owner should be released from it fully as that is the collateral for default, right? Makes no sense to me, but its another way for banks to make money. So you default, the lien secures their claim against whatever, they sell it for whatever they can get for it regardless of whats owed or its true value…and still bill you for the deficiency. THAT needs to change somehow – everything depreciates in value every year, new or used doesnt matter – but being able to come after the consumer for the deficiency when the property clearly secures the loan, is bullsh*t IMO.

A 2nd always takes the chance that they wont get paid due to whatever happens (default,depreciation, etc) thats why its a 2nd lien right…the 1st takes precedence. It’s a risk they were willing to take when they offered you the loan, so they should eat it and not come after people.

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