My firm was recently successful in getting a rather large, second mortgage on a property wiped out completely. No penalty. No amounts owed the lender. No deficiency. And the lender immediately sent over a Satisfaction of Mortgage to record. How did we do it? It was rather easy actually. We were able to negotiate with the lender and prove that the Fair Market Value of the property was well under the amounts owed the first and second lender and provided a thorough report as to value.
Once the lender received the report and was satisfied with our explanation of the borrower’s hardship, they agreed. It was that easy.
Many times a second mortgage can thwart a short sale or a loan modification because it simply sends all values for either calculating the Borrower Financial Worksheet or NPV out of wack. Sometimes, it is the kill switch on a short sale because the second lender always retains the right, even under the Mortgage Debt Relief Act, to collect on the second post closing and maintain a deficiency.
The most important advice we can provide is hire the services of a knowledgeable attorney on your side. One who can run the numbers, provide the proper reports to make the waiver of a second mortgage a possibility.
There are many individuals out there, some in fact attorneys, promising such results. However, the satisfied client and our results speak for themselves.
Visit us on AVVO. COM and see what our clients are saying about our services.
Or call for a free evaluation of your case. The consultation is always free of charge. J.Salcines@Salcineslaw.com
Law Offices of Jacqueline A. Salcines, Esq.
706 S. Dixie Highway
Coral Gables, Fl 33146
T: 305 | 669 | 5280
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