Sorry that I was not more clear. That is not what I was asking. I know several people that have gotten letters from their lenders on their 2nds saying for example: If you send us $6,000 we will consider your 2nd satisfied and will write off the rest (over $75,000 and yes this really happened).
I know of several that just stopped paying their 2nds that were compeltely underwater knowing the 2nd would not foreclose as they would get nothing. They asked the 2nd to settle for less and the 2nd said no at first. They told the 2nd to pound sand and go ahead with a foreclosure. Eventually the 2nd came to the table and settled with them for pennies on the dollar. These are not loan mods nor are they short sales. Just wondering how much of these are really happening and where if at all they are ebing accounted for in any statistics.
