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    suzQ's Avatar
    suzQ Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Dec 15, 2008, 08:23 PM
    Credit Union default versus Mortgage companies, difference?
    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
    sandkicker's Avatar
    sandkicker Posts: 43, Reputation: 3
    Junior Member
    		  
    #2

    Jan 16, 2009, 09:39 AM

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

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