[Christy E]

...say I have 30 days to satisfy the loan, pay it in full.? If I pay this, will I own the house free and clear? Or can another lien pop up and demand payment. I thought if they post a notice, that would be the starting bid, is that right?My 2nd mortgage is the one doing the foreclosing, not the first.

[Komaraconsulting]

I would need to see the letter to be 100% positive but most of the time that is the full amount to be paid in full for the first. The amount is higher than your principal balance because it includes all of the foreclosure and attorney costs. A lot of banks now are trying to write off there 2nd trust. Best thing to do is contact them to see what there willing to work out.

[veteran]

First of all you have provided for to little information for anyone to help. This is a good sign that you are over your head with this matter.

All is not lost, I have come to these types forums and gotten answers from people who new the field. I am calling this giving back.

I have worked around real estate for 20 years. The thing I like about it, is the numbers must make since. BANKS DON'T NEGOTIATE TO SERVE YOUR INTREST, they negotiate to squeeze you as hard as they can. I said this to you to help you understand the "You have the right to remain silent, anything you say will be used against you in a court of law if you give up that right...." If you don't know how to present yourself you are dead before you start.

This is why people hire attorneys and loan modification companies. I am being generous today and I will explain somethings that you should know. The first thing you have to deside is you want to stay in your home. Next you need a plan, a realistic plan. This is something that have or you don't. Some times it may include part time work. I know some people would be happy with one job these days but I'm telling you, you have to become creative Step out of the box!

Now the simple part. You are paying for an attorney to take your home, that's right I said take your home and you are paying for it, if you save the home. Finding one is the trick! Just because they are attorneys does not mean that they know this business. Very quickly this what I would look for. The retainer agreement, I have got to see it. This is what tells me I am at least working with an attorney, then I would go to the state bar and see what the record says, Lastly I would look at the retainer very closely. I know this is what I am buying. I need to know if what they are selling is what I want to buy.

It is work but that is what I would do. If I can be of assistance in any way at no cost to you let me know. I AM NOT AN ATTORNEY!

[admin]

ok, enough smoke blowing because you really did not say anything other than you can do it or review it.
What you received was a demand letter and the letter is demanding full payment for the loan because you broke your promise to pay. You used the house as collateral for the loan and they are going to get their collateral if you do not pay the 90 days you are late (that is typically when a demand goes out).
Unless you live in Georgia or Texas you have time but time is not on your side. You have to deal with the second mortgage quickly and then have a discussion with the first about getting you a better rate. i will look forward to your next post for further instructions.