2nd mortage refuse to sobernated

property was in preforclosure,loan mod is approved first loan request the 2nd to sobernated but 2nd loan company refuse to sobernated what can i do help needed thank you.

1 Answer

Your second lender doesn't seem to comprehend their situation. IF they refuse to subordinate (and your modification doesn't go through), your home will likely end up in foreclosure, AND they won't see a dime on the foreclosure sale proceeds (since they're in second lien position). I don't know if you, or your first lender, has been trying to obtain the subordination, but hopefully your lender can go up the management ladder with the second lienholder until someone there realizes that it's in everyone's best interest for the subordination to go through. You don't mention your payment record on the second, but if it's not good, that could well be the reason they haven't been interested in cooperating to this point.