When facing foreclosure with two mortgages, the second lien holder will not likely foreclose on you. Instead they’ll wait to pursue you in civil court under a breach of contract claim, where they can seize wages and assets or even force you into bankruptcy. A skilled foreclosure defense attorney can negotiate with second lien holders.

Oaktree Law attorneys can develop a sophisticated strategy to ease your burden. A negotiation may pave the way for your eventual loan modification or short sale.

Contact us or call 800-535-1627 if you have questions about your obligations to a second lien holder.

Settlements for Pennies on the Dollar

Due to California anti-deficiency law, second lien holders are at risk of losing their entire investment. In certain cases, they are more than willing to accept a short payoff, a one-time payment for less than the full amount.

In the case of a short sale, all liens need to be addressed. Your second lender may release the lien for just pennies on the dollar. The same can be considered before a loan modification. Satisfying the second lender can improve negotiations with your first lien holder.

Timing is important. By first negotiating a short payoff, you will have a clearer picture of your financial health. Your debt to income ratio may improve. This will likely affect your decision to pursue a short sale or a loan modification.

Skilled Negotiating Attorneys

Negotiate from a position of strength. We can help you satisfy your obligations to a second lien holder. Contact us or call 800-535-1627.