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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: 5 years ago.Category: Real Estate Law
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Answered in 7 minutes by:
5/1/2012
Real Estate Lawyer: Richard, Lawyer replied 5 years ago
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 56,585
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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