Today I’m proud to announce the launch of our new website. We are up and running at SecondMortgageAdvice.com.
We’ve built this new portal so that people looking for assistance with problem second mortgages can easily find the site and get help. Our country seems to be on the front end of yet another debt-related tidal wave (nearly $1 trillion in second mortgages, most of which are grossly overvalued on the banks’ books), so I’m quite certain that we’ll see the usual barrage of marketing efforts by shady operators in this arena. There are big bucks at stake, and consumers fearful of losing their homes or getting sued post-foreclosure are vulnerable to scams and schemes.
Since 2004, we’ve pioneered the “do-it-yourself-with-coaching” approach for resolution of credit card debts and achieved a track record that others can only wish they had. More recently, we have been applying that same approach to resolution of toxic second mortgages, with successful results. Just as with negotiation of credit card debt, the best approach with second mortgages is to keep control over the project yourself, but with guidance and coaching from a seasoned professional as you work through the process. This way you’ll avoid costly third-party services that will not obtain any better result than you can on your own.
If you’re looking for help with a second mortgage, please stop by the new site. We have individual pages for each of the 50 states, and as we accumulate additional data on trends for individual states, we’ll be adding to the content continually.
UPDATE: April 5, 2012
As of April 2012 we are offering PAID CONSULTATIONS ONLY on second mortgages or HELOCs, and no longer offer free consultations on this subject. Our fee is only $150, and includes 30 days of follow-up support via email. We made this change because our experience has been that each mortgage situation is totally unique, and requires careful analysis and discussion before a solid recommendation on strategy can be made. We have had so many inquiries on the topic of second mortgage or HELOC settlement, that we felt a paid consultation would be the most efficient method of assisting consumers to avoid scams and make the correct strategic decision. For additional details, please visit our other website at SecondMortgageAdvice.com.
UPDATE NOVEMBER 26, 2012:
Gerri Detweiler of Credit.com recently interviewed me on Talk Credit Radio on the subject of second mortgage and HELOC settlements. This is an in-depth podcast that covers a lot of important information consumers need to know on this topic. If you’d like to learn more about debt settlement as it pertains to mortgages or HELOCs, this is the audio file you’ve been hunting for! Click here to download the full podcast free of charge.
My second mortgage last mont charge off and Gmac is the new lender. i talk to them last month and they were ready to settlement on 10% but i receive a letter from them today, they are ready to forgive my complete loan.
is it true? i haven’t heard anything like this before.
Mo, this would be unusual, but it can happen in some situations. I would need to know a lot more about your circumstances in order to give a solid opinion. Please email me directly at [email protected] for further discussion, thanks.
My second mortgage lender cancelled our debt and sent us a 1099-c form. Later on this year, we got a letter from lender that they transferred the loan to another mortgage servicing company. Now the servicing company is trying to collect, can they collect after the original mortgage lender already cancelled our debt?
Anne, technically speaking, yes, they can still try to collect. I know it makes zero sense, but the facts are that reporting to the IRS via form 1099-C does not actually eliminate the legal obligation on the account. In practical terms, however, it’s almost always the case that continued collection after issuance of a 1099-C is just a clerical mistake. What I suggest is that you write to the new servicing company and include a copy of the 1099-C documenting the cancellation by the original lender. Take the position that the debt balance was forgiven, and ask them to suspend any further collection efforts.
Thank you Charles for your advise.