It is always difficult to obtain a settlement on second mortgages with equity on the property because the finance companies know that if they foreclose they will be able to recover most of the money. As such they are always reluctant to offer settlement offers. Despite this hurdle, our law firm has successfully secured several second mortgage settlements with properties with substantial equities on them. Here are few of our recent success stories:
Three great settlements on properties 2 of which with equity:
1. $122,000 settled on a second mortgage for only $40,000 payable over three months with no finance charges. Note that the property had 100% equity attached to both loans. Client immediately created an equity of $200,000 on her property and is now eligible for a refinancing at a lower rate of interest on her first loan.
2. $92,000 settled on the second loan for only $30,000. Note that the property had a total $57,000 before considering the second mortgage. After settlement, now the client a full equity of $57,000 free from the burden of a second loan.
3. $200,000 settled for $41,000 although client’s was making a six figures income.
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Shah Peerally is an attorney licensed in California practicing immigration law and debt settlement. He has featured as an expert legal analyst for many TV networks such as NDTV, Times Now and Sitarree TV. Articles about Shah Peerally and his work have appeared on newspapers such as San Jose Mercury News, Oakland Tribune, US Fiji Times, Mauritius Le Quotidien, Movers & Shakers and other prominent international newspapers. His work has been commended by Congress women Nancy Pelosi and Barbara Lee. He has a weekly radio show on KLOK 1170AM and frequently participates in legal clinics in churches, temples and mosques. To learn more about Shah Peerally, visit his personal blog on www.ShahPeerally.com.
Information provided above is for educational purposes only. One should not act or refrain to act solely based on the information provided. You should consult an attorney to assess your case before proceeding.
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