I live in Calif. Sadly, in default. My ultimate goal would be to do a loan modification on my 1st to obtain lower interest rate & payments. How can I negoiate with lender to give me a lower interest rate (Chase) instead of just tacking late payments on the end of the loan?
My 2nd is an equity line through a credit union. They are telling me that if I ended up doing a short sale.. . Whatever the balance due is after they settle with the 1st lender, is still legally due from me.? Is this accurate? Or they just trying to get me to sign a promissory note for the difference? Can they take legal action against me, such as take other assets? My ultimate goal would be for the 2nd lender to accept a settlement for their loan of hopefully 10 % of loan value. Has anyone heard of this happening when a home is not sold short sale but kept?
Thanks

Balance due on the second is... "the balance due".

What you may be able to negotiate with them is up to them...