Say it this way-
"We are experiencing tremendous difficulty. As responsible people, we do not want to stop paying, but it is very hard for us. "
Show them that how much you pay for your first loan, you child care, grocery, etc.
"We are trying a way that we can continue to pay this loan. The only thing we can continue to pay is for you to adjust the rate. Otherwise, we will have to ..."
If you stop paying the second mortgage, the second bank cannot do much except report to the credit bureaus. Lots of times, it is mutual beneficial for them to reduce your rate so they can at least keep their principle safe.
Many many times, when we start a short sale, the second bank immediately offers to reduce the rate. The bottom line is that if you do a short sale, the second bank usually gets only $3000 or so.
"We are experiencing tremendous difficulty. As responsible people, we do not want to stop paying, but it is very hard for us. "
Show them that how much you pay for your first loan, you child care, grocery, etc.
"We are trying a way that we can continue to pay this loan. The only thing we can continue to pay is for you to adjust the rate. Otherwise, we will have to ..."
If you stop paying the second mortgage, the second bank cannot do much except report to the credit bureaus. Lots of times, it is mutual beneficial for them to reduce your rate so they can at least keep their principle safe.
Many many times, when we start a short sale, the second bank immediately offers to reduce the rate. The bottom line is that if you do a short sale, the second bank usually gets only $3000 or so.