Also, what is the likelihood that the second might settle for some kind of payout?
Based on the numbers, it looks like the second was ~$76,000. Maybe you can call them and tell them that you cannot afford the house with their loan. Maybe they might accept $20K or so to close out the loan??? You can effectively give yourself a principal reduction IF they believe you’ll walk away without it. Heck, the government is encouraging this behavior, might as well go along with it… (certainly “doing the right thing” is not what the govt wants from us).
Anyone know if this is being done, and whether or not it’s successful?
