My question is regarding Pay for Delete for 2nd Mortgages. You site seems to have the most information on them that I’ve found.
Four years ago I decided I’d make some extra money investing in Real Estate. I met an investor at a REI Meeting and he said he would be willing to be my partner. He would find houses at huge discounts, we would use my 800 credit and good income to secure loans and he would sell the houses Rent to Own. You can imagine where the story goes from here.
It seemed to good to be true and it was. We had terrible tenants, tried to do too much to quickly, and we were hit by the housing market crashing. I spent 40k of my own money trying to keep things going but eventually all of the three houses went into foreclosure.
All three homes had 2nd mortgages which didn’t get paid off by the foreclosure sales.
The first was charged off immediately after the foreclosure. The second two are still open on my credit and will be there until 2012.
My question is, should I try and see if the Mortgage Company and Debt Collector would do a Pay for Delete?
Would it be worth paying to get these of my credit? My credit is already terrible because of the three foreclosures. Is it worth spending money to remove the 2nds?
To date I have not been hit by any judgements from mortgage companies but I am concerned about this because I still have a good job. Do I wake sleeping giants or do I just live without credit for the next 7 years? I’d be glad to pay to get as much removed as possible.
Thanks, love your site.