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Deed in Lieu on 1st - after Charge Off on 2nd?


Thanks Alisa - are you suggesting bankruptcy to strip the 2nd lien?I'm considering that as a last alternative, but would prefer to still attempt a settlement on the 2nd - so we could do the DIL on the 1st.The account is no longer with Loss Mitigation - but with a Recovery (e.g. internal collections) with the 2nd.Any precedent for how long they will pursue collections internally - before sending out to an external collection agency?

Deed in Lieu on 1st - after Charge Off on 2nd?

We're opting for the Deed in Lieu option with our 1st and we *were waiting to hear from our 2nd mtg company on a settlement (which they dragged their feet on), when we unknowingly hit 180 days – and they automatically charged it off.My question is: is it better to negotiate a settlement (post charge off) with the 2nd mortgage company (Green Tree) – in a continued effort to do a DIL with our 1st?Or the collection agency they might send it to?If they send it to collections – who releases the lien?(so I can prove to Mtg 1 that the property is free and clear)?Their delay tactics seem unscrupulous - any impressions of Green Tree?Thanks in advance.