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My first mortgage held by of A was successfully modified,

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My first mortgage held by...
My first mortgage held by B of A was successfully modified, but before the process was concluded and the modification on the 2nd mortgage (also held by B of A) could begin, B of A's claim with Old Republic Insurance was paid and the 2nd assigned to Old Republic. The 2nd remains in default, and I am attempting to settle with Old Republic for 10% of the amount of the 2nd. That's all I have to work with, and I've held fast to my offer. Old Repulic counter-offered at 25% and I had to reject it and offer the 10% once again. I was told by Old Republic that it "doesn't take kindly" to borrowers on 2nd mortgages using the "you get this or nothing" approach to settling, and it is prepared to....." I couldn't get the representative to specify what Old Republic is prepared to do. I'm wondering what it is legally abel to do - the first mortgge is back to "normal" status following the modification. Payments are made on time every month. However, the property (which I occupy as my only residence) is about $100k upsdie down on the 1st mortgage. The second is $60k. What can the holder of the 2nd do?
Submitted: 6 years ago.Category: Real Estate Law
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Answered in 7 minutes by:
5/1/2012
Real Estate Lawyer: Richard, Lawyer replied 6 years ago
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 57,380
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Hi there. Can you tell me a couple of things? 1) In what state is the property located? 2) For what were the proceeds of the second lien loan used? Thanks.

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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